News - 2008
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2005-028
Red Mortgage Provides $59.4 Million Financing for Nationwide Health Properties Portfolio
45 Properties Refinanced with Fannie Mae Mortgage
Columbus, OH, August 29, 2005 – Red Mortgage Capital, Inc., the nation’s top Fannie Mae DUS™ seniors housing lender for the past two years, recently closed a 45-property portfolio financing for Nationwide Health Properties.
The properties, containing 1,674 units and built between 1994 and 2000, are assisted living facilities, with some facilities providing Alzheimer’s care. The communities are located in Florida, Indiana, Kansas, Michigan, Minnesota, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Texas and Wisconsin. Nationwide Health Properties, headquartered in Newport Beach, California, is a real estate investment trust that invests primarily in health care related facilities with investments in 422 facilities in 38 states.
Red Mortgage Capital, Inc. structured the $59.4 million transaction as one Fannie Mae DUS fixed rate loan secured by mortgages on the 45 properties. The loan refinanced a Red Mortgage Capital, Inc. acquisition loan made in 2002. RED has worked with Nationwide Health Properties, Inc. since 2002, providing both bridge and Fannie Mae financing solutions.
Craig S. Jones, President of Red Capital Markets, Inc. said, "This strong performing portfolio of properties is a core investment for NHP. By providing low-cost, fixed rate debt, NHP’s yield will be enhanced."
Abdo Khoury, Chief Financial and Portfolio Officer of NHP said, "We appreciate the efforts of RED and Fannie Mae in structuring a financing that meets our longer term strategic needs. As this was a unique refinancing, we were pleased with RED’s diligence and sense of urgency in bringing the transaction to close, and Fannie Mae’s responsiveness throughout the process."
