News - 2008
2005-045
Red Mortgage Capital Provides $11.6 Million FHA Refinance Loan for Property in Ohio
Avery Crossing Apartments
Dublin, Ohio
Columbus, OH, December 22, 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.
Avery Crossing houses 162 units in 16, two-story buildings. The property was originally financed with an FHA Section 221(d)(4) insured mortgage loan and common amenities include a swimming pool, tennis courts, clubhouse, fitness center, and covered & garage parking. Unit amenities boast air conditioning, balconies, fireplaces, microwaves, dishwashers, washer & dryers, and walk-in closets.
Red Mortgage Capital, Inc., an FHA/MAP Lender, processed and funded the $11,644,000 223(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.
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.
Edward Tellings, Director of Red Mortgage Capital, Inc., said "This was a terrific transaction for both the borrower and HUD, as the borrower was able to significantly reduce its debt service requirement and HUD was able to retain a high quality asset with terrific sponsorship. This was the fourth FHA insured mortgage loan that we closed this year with Kontogiannis & Associates and we look forward to continuing our relationship with them on future transactions."
