News - 2006
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2006-014
RED CAPITAL Provides $5.6 Million Refinancing for Anchorage Property
Calais Manor Apartments
Anchorage, Alaska
Columbus, OH, May 8, 2006 – Red Mortgage Capital, Inc., the mortgage lending arm of comprehensive capital provider RED CAPITAL GROUP, recently provided permanent financing for a 164-unit multifamily property in Anchorage, Alaska. Red, a top ten Fannie Mae DUS™ lender nationwide, provided fixed-rate, Fannie Mae DUS Cash Early Rate Lock financing in the amount of $5,687,500.
Calais Manor Apartments, built in 1966 through 1970 on three non-contiguous parcels, consists of seven two-story buildings housing efficiency, and primarily one-bedroom units. The property, recently renovated, is located next to Arctic Benson Park, and offers midtown convenience and affordability with restaurants, shopping and banks nearby. Common amenities include laundry facilities and in-unit amenities include walk-in closets.
The key principal of the owning entity is W. Dean Weidner, President and owner of Seattle-based Weidner Investment Services, Inc., a real estate investment and management company founded by Mr. Weidner in 1976. Weidner Investment Services is the largest owner of multifamily rental properties in Alaska with 29 properties in the Anchorage area, and a total of 90 properties in five states in its overall portfolio.
