News - 2008
2005-039
RED Provides $22.8 Million Acquisition Financing to Four Seniors Properties in Atlanta Metropolitan Area
Columbus, OH, November 30, 2005 – Red Mortgage Capital, Inc., the mortgage banking arm of comprehensive capital provider RED CAPITAL GROUP, structured a first mortgage interim loan for four assisted living communities in Georgia.
Red Mortgage Capital, Inc. provided a $22.8 million interim loan for affiliates of Solomon Senior Living Holdings, LLC to acquire and refurbish the four properties. The communities, each known as Dogwood Forest, are located in Stockbridge, Fayetteville, Alpharetta, and Gainesville, Georgia. Built between 1997 and 1999, the assisted living and Alzheimer’s facilities collectively house 215 units and 243 licensed beds. Community amenities include a sunroom or deck, beauty parlor, dining room, café/ice cream parlor and laundry room. Private room amenities include wall-to-wall carpeting, window treatments, kitchenettes with mini-refrigerator, microwave, and private bathrooms with walk-in showers. An affiliate of Solomon, Trinity Lifestyles Management, LLC, will operate the properties under a management agreement.
Solomon Senior Living Holdings, LLC was formed in 2003. While Solomon affiliates lease an additional fifteen assisted living communities, this is the company’s first owned and managed communities.
Daryl McCombs, Director of Red Mortgage Capital, Inc. said, "We are pleased to be of assistance to Solomon Senior Living and Trinity Lifestyles Management. This effort marks the beginning of a new chapter in the evolution of Solomon, and we are happy to help the company in its transition to ownership and operations. These four properties have good occupancies and excellent locations within the Atlanta area which help position them for long term success."
