News - 2006
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2006-012
RED CAPITAL Provides $5 Million Refinancing for Washington Property
Owners Convert from Adjustable to Fixed Rate
Westview Apartments
Seattle, Washington
Columbus, OH, April 24, 2006 – Red Mortgage Capital, Inc., the mortgage lending arm of comprehensive capital provider RED CAPITAL GROUP, recently provided $5,025,000 of Fannie Mae DUS™ fixed-rate financing for a multifamily property in the Beacon Hill area of Seattle, Washington.
Westview Apartments, completed in 1918, and extensively renovated in 2000, houses 140 studio, one-, and two-bedroom units in six, 3-story buildings. It is located less than two miles from Seattle ’s Central Business District. Previous financing on the property involved a Fannie Mae adjustable-rate loan, which had been provided by Red Mortgage Capital, Inc. Red was able to reduce the interest rate significantly by refinancing the ARM with a fixed interest rate, while at the same time accommodating a change in the ownership structure.
