News - 2006
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2006-005
Red Mortgage Capital Provides $10.1 Million in Fannie Mae DUS™ Financing for Pittsburgh Property
Fairfax Apartments
Pittsburgh, Pennsylvania
Columbus, OH, March 6, 2006 – Red Mortgage Capital, Inc., a top ten Fannie Mae DUS™ lender and the mortgage lending arm of comprehensive capital provider RED CAPITAL GROUP, arranged Fannie Mae DUS financing for a property in Pittsburgh, Pennsylvania.
Fairfax Apartments is situated in the middle of Carnegie Mellon University and the University of Pittsburgh campuses. The majority of its tenants are graduate and undergraduate students of these institutions. The 231-unit property is comprised of two buildings, built in 1929 and 1955, and offers efficiency, one-, and two-bedroom units. Amenities include a community room, courtyard, rooftop deck, and exercise and laundry facilities.
Red Mortgage Capital, Inc. provided $10,100,000 in fixed rate Fannie Mae DUS mortgage financing, which carries a 10-year term and a 35-year amortization schedule. The property sponsor is National Development Corporation.
Bill Balsinger, Senior Vice President of National Development Corporation said, "Once again, refinancing with Red Mortgage Capital, Inc. met our every need, and we look forward to continuing our relationship with RED in the future."
Kenneth H. Bowen, Senior Managing Director of Red Mortgage Capital, Inc . said, "It is always a pleasure to work with NDC Realty Investments, Inc., and we are extremely excited about having another one of their properties in our Fannie Mae servicing portfolio. We had an interesting first with this loan: the use of a 35-year amortization schedule, which Fannie Mae permitted because the leverage was low enough that they would have permitted no amortization at all."
