News - 2006
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2006-010
Red Provides $5.9 Million Fannie Mae DUS™ Financing for Seniors Property in Oregon
Columbus, OH, April 7, 2006 — Red Mortgage Capital, Inc., the nation’s top Fannie Mae DUS™ lender in seniors housing for the past three years, provided a $5,962,500 Fannie Mae permanent mortgage loan for a seniors housing community managed by LifeStyles.
Flagstone Senior Living, completed in 2004, is located approximately 60 miles east of Portland, Oregon. The seniors housing community consists of one 2-story building containing 50 assisted living and 10 Alzheimer’s units. The independent living portion includes adjacent duplex and six-plex cottages. Amenities include activity rooms with computer, exercise room, barber/beauty shop, library and van/bus transportation.
Red Mortgage Capital, Inc. structured the $5.9 million fixed rate, Fannie Mae permanent loan with a fully amortizing 25-year term.
The property is operated by LifeStyles, Senior Housing Managers, LLC, which operates 12 senior housing communities with more than 1,400 units, providing independent living, assisted living and Alzheimer’s care.
Casey N. Moore, Managing Director, Red Mortgage Capital, Inc. said, "Red is pleased to have had the opportunity to work with LifeStyles, a significant regional operator in the senior housing industry, on its sixth Fannie Mae financing. We appreciate the high level of professionalism and effort from LifeStyle’s principals and staff in working this deal to a successful completion."
