News - 2008
2005-022
RED Provides $15 Million of Seniors DUS™ Financing
Permanent Loans Secured for Two Assisted Living Properties
Chancellor Gardens of the Lakes
Las Vegas, Nevada
Columbus, OH, August 15, 2005 – Red Mortgage Capital, Inc., the nation’s top Fannie Mae DUS™ lender for Seniors Housing in both 2003 and 2004, recently financed seniors housing properties in Las Vegas, Nevada and Clearfield, Utah.
The properties financed include Chancellor Gardens of the Lakes (128 assisted living units) and Chancellor Gardens of Clearfield (81 assisted living units) which are equipped with a kitchenette and emergency pull cords. The facilities provide a full complement of residential and supportive services including meals which are served in nicely equipped dining rooms, transportation services, activity and craft rooms, exercise rooms, beauty and barber shops, as well as other supportive residential services.
Red Mortgage Capital, Inc. provided $15,200,000 of Fannie Mae DUS financing for the properties with each loan carrying a 10-year term and 25-year amortization schedule. RED previously provided Fannie Mae credit enhancement for $30,640,000 in variable rate tax-exempt bonds in December 2004 to refinance acquisition debt for three other assisted living facilities managed by Senior Management Concepts, and owned by O.K. Foundation, Salt Lake City .
James F. Sherman, Red Mortgage Capital, Inc. said, "Completing Fannie Mae guaranteed loans provides the two Chancellor facilities with reduced debt service, which will allows them to maintain their competitive position in their markets. Fannie Mae worked with Red to provide competitive financing for these transactions."
Chancellor Gardens of Clearfield
Clearfield, Utah
