News - 2008
2005-033
Red Mortgage Capital Provides $8 Million in Fannie Mae DUS™ Financing for Property in Hawaii
Smith Beretania Apartments
Honolulu, Hawaii
Columbus, OH, October 12, 2005 – Red Mortgage Capital, Inc., a top ten Fannie Mae DUS lender and the mortgage lending arm of comprehensive capital provider RED CAPITAL GROUP, recently provided an $8,000,000 Fannie Mae DUS mortgage to refinance an affordable high-rise multifamily housing property in Honolulu, Hawaii. Red Mortgage Capital, Inc. structured the fixed rate, Fannie Mae loan with a 10-year term.
Located 1/2 mile west of downtown Honolulu on the fringe of the Chinatown District, this 22-story, 164-unit property offers 82 one-bedroom, 1-bath and 82 two-bedroom, 2-bath units, all with Section 8 rental assistance from the U.S. Department of Housing and Urban Development. Honolulu is ranked nationally as one of the least affordable and scarcest housing markets, and this property continues to help satisfy the growing affordable housing demand of Honolulu’s residents.
The Borrower, Smith-Beretania Associates. L.P., has owned and managed the property since it was constructed in 1982. Andrew E. Showe, President of Showe Management Corporation, an affiliate of Smith Beretania Associates, L.P., led the refinancing efforts on the Borrower’s behalf.
Mr. Andrew E. Showe, President of Showe Management Corporation said, "Red Capital Group has the depth and expertise to provide creative solutions to the most complex financing transactions, and they worked diligently and tirelessly to complete our refinance. Their entire team was attentive to our needs and delivered above and beyond our expectations."
