News - 2008
2005-030
Red Mortgage Capital Provides $19,000,000 to Refinance Three Seniors Properties for Seattle-based Developer
Merrill Gardens at Carrollton
Carrollton, Georgia
Columbus, OH, September 19, 2005 – Red Mortgage Capital, Inc., the nation’s top Fannie Mae DUS™ seniors housing lender for the past two years, arranged a Dual Early Rate Extended Rate Lock and Fannie Mae DUS permanent financing for three seniors housing communities in California, Texas and Georgia .
All the properties are owned and operated by Merrill Gardens, LLC, or subsidiaries. Merrill Gardens, LLC is a premier independent living provider that owns and operates or manages 66 communities in 14 states. The properties financed include Merrill Gardens at Carrollton (69 units), Merrill Gardens at Chateau Whittier (149 units), and Merrill Gardens at Wichita Falls (69 units). All properties offer independent and assisted living care units. Common amenities include weekly housekeeping service, restaurant style dining, social activities and an emergency call system.
Red Mortgage Capital, Inc. structured the financing as three separate Fannie Mae DUS mortgage loans, all cross-collateralized and cross-defaulted. All three loans have 10-year terms with 25-year amortization schedules.
Merrill Gardens was formed in 1993 to provide an alternative to traditional retirement housing and is now one of the ten largest operators of retirement communities in the United States.
William D. Pettit, Chairman of Merrill Gardens, LLC said,"With Fannie Mae’s Early Extended Rate-Lock program product, we were able to quickly capitalize on the still-favorable interest rate environment. We are pleased that Red Capital Group and Fannie Mae were able to provide permanent financing on core Merrill Gardens assets at a favorable rate."
Merrill Gardens at Chateau Whittier
Whittier, California
Merrill Gardens at Wichita Falls
Wichita Falls, Texas
