News - 2006
2009 | 2008 | 2007 | 2006 | 2005
2006-008
Olympic Investors Acquires Multifamily Property in Sea Tac, Washington
Red Mortgage Provides $7.5 Million Fannie Mae DUS™ Financing
Columbus, OH, March 25, 2006— Red Mortgage Capital, Inc, a top Fannie Mae DUS lender and the mortgage banking arm of comprehensive capital provider RED CAPITAL GROUP, funded a $7,500,000 loan through a $150,000,000 Fannie Mae Credit Facility it previously structured for Olympic Investors.
Emerald Place Apartments, which is located in the Seattle metro area, is a 157-unit garden style apartment complex consisting of five 3-story buildings. Originally built in 1967, the project offers studio, one- and two-bedroom units and has common amenities that include a playground/picnic area and sports court. The new ownership plans to invest approximately $700,000 towards planned capital improvements including landscaping, masonry, exterior painting and roofing. The property will be managed by Pinnacle, a recognized leader in affordable housing management which also is listed as the third largest management company in the nation and the largest non-REIT management company in the nation, according to the National Multi-Housing Council.
Red Mortgage Capital, Inc. underwrote the loan with a 10 year mortgage term and has financed over $200 million for Olympic and affiliated real estate entities.
