News - 2008
2005-019
Red Mortgage Capital Provides $8 Million Fannie Mae DUS™ Financing for a Multifamily Property in Western Pennsylvania
Hermitage Hills Apartments
Hermitage, Pennsylvania
Columbus, OH, July 26, 2005 – Red Mortgage Capital, Inc., a top ten Fannie Mae DUS™ lender and the mortgage lending arm of comprehensive capital provider RED CAPITAL GROUP, recently provided $7,987,000 in Fannie Mae DUS first mortgage financing for an apartment property in Hermitage, Pennsylvania.
Located approximately 15 miles northeast of Youngstown, Ohio, Hermitage Hills Apartments offers 170 two- and three-bedroom ranch style units. The landscaped and gated community offers unit amenities that include walk-in closets, vaulted ceilings and full size washer/dryers.
Red Mortgage Capital, Inc. structured the fixed rate, Fannie Mae loan with a fully amortizing 30-year term. The borrowing entity’s sponsor, Ronald Anderson of Universal Development Enterprises, Inc., has over 30 years of experience developing and operating multifamily properties. Universal Development constructs and manages multifamily communities in Ohio and Pennsylvania.
