News - 2008
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2005-040
Red Mortgage Capital Provides $4.4 Million FHA Refinance Loan for Property in California
Somerford Place Roseville
Roseville, California
Columbus, OH, December 7, 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 Roseville, California.
Somerford Place Roseville is a one-story, 56-bed Alzheimer’s special care facility that offers both private and semi-private suites. The property, which houses 50 resident rooms, has a centrally located common area with two wings that surround the enclosed courtyard. The property was originally financed with an FHA Section 232 insured mortgage loan.
Red Mortgage Capital, Inc., an FHA/MAP Lender, processed and funded the $4,464,000 223(a)(7) refinance which reduced the mortgage rate and extended the maturity date of the non-recourse financing to exceed slightly beyond 33 years. The FHA insured loan was processed through the HUD-San Francisco office and is owned by an entity controlled by the Somerford Corporation.
Don Feltman, Senior Vice President of Somerford Corporation noted, "Over the past thirteen months Red Capital has effectively worked with us to refinance three of our assisted living residences. We have found them to be creative and diligent, especially when working with HUD. As a result of our strong working relationship, Somerford plans to refinance two additional loans over the next few months through Red Capital."
Sheri N. Thompson, Managing Director of Red Mortgage Capital, Inc. said, "We once again appreciate the opportunity to work with the Somerford team, a well-respected senior housing operator. We were pleased to be able to lower the interest rate on this loan and improve cash flow for this quality project."
