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2005-016
Red Mortgage Capital Provides $9 Million in FHA Financing for Two Skilled Nursing Facilities in Tennessee
Laurelwood Health Care
Jackson, Tennessee
Columbus, OH, June 27, 2005 – Red Mortgage Capital, Inc. , the mortgage lending arm of integrated capital provider RED CAPITAL GROUP and the country’s 4 th ranked FHA lender, recently closed two FHA Insured Mortgage Loans under HUD’s Multifamily Accelerated Process ("MAP") program to finance two existing skilled and intermediate nursing facilities in Jackson, Tennessee.
Opened in 1955, Laurelwood Health Care (Laurelwood) underwent an expansion in 1984 and now includes 64 beds in a single story structure and provides longer term care for those suffering from mental illness or dementia. Since opening in 1978, MaplewoodHealth Care (Maplewood) has undergone two expansions bringing the total skilled bed count to 160 in a single-story facility located approximately four miles north of downtown Jackson . Both facilities, which are Medicare/Medicaid certified, provide 24-hour nursing care, maintenance, laundry, housekeeping, dietary & social services, activities, meals and medication oversight.
Red Mortgage Capital, Inc., an FHA/MAP Lender, processed and funded a $2,244,000 mortgageloan for Laurelwood and a $6,783,400 mortgage loan for Maplewood . Both loans are non-recourse and are insured via FHA’s Section 232/223(f) mortgage insurance program. The FHA insured loans were processed through the HUD-Nashville office.
Craig S. Jones, Senior Managing Director, said, "The FHA 232/223(f) program was a strong option for the Laurelwood and Maplewood projects. These projects serve different healthcare niches in the Jackson, Tennessee market, and this financing provides stability to support their long-term success."
Chris Brogdon, Officer of Laurelwood, LLC and Maplewood, LLC , said "The team at Red delivered where others have not. Red obtained commitments on the two previously cross-collateralized healthcare projects from the Nashville HUD office and we were able to include improvements at both properties that enhance their marketability. With Red’s assistance, we have lowered our debt-service requirements significantly and have strengthened our ongoing cash flow."
Maplewood Health Care
Jackson, Tennessee
