News - 2005

Columbus, OH, August 15, 2005 – Red Mortgage Capital, Inc., the nation’s top Fannie Mae DUS™ seniors housing lender for the past two years, recently financed an independent living property for Holiday Retirement Corp. ("Holiday"), the largest owner and operator of retirement housing in the world.

Charbonneau Retirement Residence is located in Kennewick, Washington, approximately 178 miles southeast of Seattle. Kennewick is the largest of the "Tri-Cities" that form the core of the two-county Richland-Kennewick-Pasco metropolitan statistical area. The property sits on 4.8 acres and offers studio, one and two-bedroom configurations totaling 118 independent living units. The facility provides three meals per day with unit amenities offering a kitchenette, private bathroom, individually controlled heating and cooling, and a private patio or balcony in many units. The common amenities include a private dining room, craft and exercise room, chapel, library, and beauty/barber shop.

Red Mortgage Capital, Inc. provided $9,350,000 in Fannie Mae DUS MBS financing for Charbonneau 45 days after having been engaged by Holiday . The loan, which fully amortizes over 20 years, is Red’s sixth transaction with Holiday Retirement Corp.

Mark Burnham, Senior Vice President of Finance of Holiday Retirement Corp., said, "Stellar execution, nice proceeds, a great rate, and a smooth closing. Thanks for your continued support of our business."

Casey N. Moore, Managing Director, Red Mortgage Capital, Inc. said, "It is our pleasure to continue providing attractive long term financing for the Holiday team."