2005-025

Red Mortgage Capital Provides $4.8 Million in FHA Financing for Skilled Nursing Facility

Regency at the Park
College Place, Washington

Columbus, OH, August 11, 2005 – Red Mortgage Capital, Inc. , the mortgage lending arm of comprehensive capital provider RED CAPITAL GROUP and the country’s 4 th ranked FHA lender, recently closed an FHA Insured Mortgage Loan under HUD’s Multifamily Accelerated Process ("MAP") program to refinance an existing, skilled nursing facility in the state of Washington.

Regency at the Park ("Regency") is a single-story, 86-unit facility that offers private, semi-private and Alzheimers beds, and is the newest skilled nursing facility in the Walla Walla area since its opening in 1998. Amenities include 24-hour nursing care, maintenance, laundry, housekeeping, dietary, social services, activities, meals and medication oversight.

Red Mortgage Capital, Inc. processed and funded the $4,878,700 mortgage loan which carries a 35-year term, is non-recourse and is insured via FHA’s Section 232/223(f) mortgage insurance program. The FHA insured loan was processed through the HUD-Seattle office. The project is owned by James L. Clay, an experienced owner/operator who manages twenty-six skilled nursing and assisted living properties in six states.

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