News - 2008
2005-034
Red Mortgage Capital Provides $18 Million FHA Refinance Loan for Property in Ohio
Tuttle's Grove II Apartments
Dublin, Ohio
Columbus, OH, November 1, 2005 – Red Mortgage Capital, Inc., the mortgage lending arm of comprehensive capital provider RED CAPITAL GROUP recently processed an FHA Insured Mortgage Loan to refinance an existing FHA insured apartment property in Dublin, Ohio.
Tuttle’s Grove II houses 297 units in 33, two-story buildings. Originally constructed in 1998 and financed with an FHA Section 221(d)(4) insured mortgage loan, the property consists of 60 one-bedroom units, 176 two-bedroom units and 61 three-bedroom units. Common amenities include a swimming pool, whirlpool/spa, tennis courts, clubhouse, fitness center, extra storage and gated entrance. Unit amenities boast air conditioning, balconies, fireplaces, microwaves, dishwashers, washer & dryers and oversized closets.
Red Mortgage Capital, Inc., an FHA/MAP Lender, processed and funded the $18,104,300 223(a)(7) refinance of the existing FHA insured loan, which reduced the mortgage rate and extended the maturity date of the non-recourse financing to 40 years. The FHA insured loan was processed through the HUD-Columbus office.
Edward Tellings, Director of Red Mortgage Capital, Inc., said "The borrower was able to take advantage of the current interest rate environment and significantly reduce its annual mortgage payments."
The sponsor of the project is Columbus-based Kontogiannis & Associates, which specializes in high end single and multifamily residential units including apartments and condominiums, as well as seniors housing; that includes assisted living, Alzheimer’s and nursing facilities.
