News - 2006
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2006-006
Red Provides $18 Million Fannie Mae DUS™ Financing for Anchorage Multifamily Refinance
Columbus, OH, March 6, 2006— Red Mortgage Capital, Inc., a top ten Fannie Mae DUS™ lender, provided Fannie Mae DUS mortgage financing for an apartment property in Anchorage, Alaska.
Admirals Cove Apartments, which opened in 2004, offers 150 garden-style units housed in five 3-story buildings. It is considered one of the premier apartment properties in Anchorage. Unit amenities include a private deck, gas fireplace, audio/video security system and washer/dryer. Common amenities include a fitness room in each building, secured entry doors and covered parking. Future improvements will include the addition of business centers and tanning booths.
Red Mortgage Capital, Inc. structured the $18,000,000 fixed rate, Fannie Mae refinance loan with a 10-year term. The loan enabled the owner to pay off an existing construction loan and provided long term financing.
The sponsor, W. Dean Weidner, President and owner of Seattle-based Weidner Investment Services, is Alaska ’s largest owner of multifamily rental properties with 29 properties in the Anchorage area, and a total of 90 properties in 5 states.
Kenneth H. Bowen, Senior Managing Director for Red Mortgage Capital, Inc. said, "Admirals Cove, as the newest property within the Anchorage MSA, experienced strong market acceptance and a high absorption rate. We are very pleased to have the opportunity to finance this quality asset for such an excellent sponsor."
