News - 2006
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2006-015
Red Mortgage Capital Funds $90 Million into Credit Facility for Senior Resource Group
Funding Secured Within 30 Days
Columbus, OH, May 8, 2006 – Red Mortgage Capital, Inc, the nation’s top Fannie Mae DUS™ lender in seniors housing for the past three years, funded a $90,000,000 Fannie Mae DUS mortgage loan for California-based owner/operator Senior Partners Portfolio, LLC, known as Senior Resource Group ("SRG"). The loan is part of a $325,000,000 Fannie Mae/Red Mortgage Capital Credit Facility (the "Facility") Red Mortgage Capital, Inc. provided to SRG.
Maravilla, which opened in 2003, is a seniors housing community that offers independent, assisted, and Alzheimer’s services. The 363-unit community is nestled at the base of the Santa Ynez Mountains in Santa Barbara, California and received a "Platinum Top Honors 2004" award from the National Association of Home Builders for overall and interior design excellence in concept, service offerings and amenities. Residents enjoy a stadium style movie theatre, internet lounge information center, two swimming pools, spa, exercise center, library, general store, and landscaped walking paths.
Red Mortgage Capital, Inc. provided a $90,000,000 Fannie Mae DUS loan, which represents the third funding through the Facility, which was initiated for SRG in June, 2004. This financing demonstrates one of the benefits of the Facility as Red was able to fund the Maravilla transaction within 30 days of engagement.
SRG is one of the leading organizations providing housing and assisted living services to seniors. Throughout the past several years, SRG has successfully developed properties in markets having high barriers to entry, providing SRG the opportunity to build unique properties and experience fill rates unparalleled in the industry. They own and operate assisted living and congregate seniors housing care communities in California, Arizona and Oregon and are renowned for maintaining high level properties featuring luxury communities and amenities.
James F. Sherman, Senior Managing Director of Red Mortgage Capital, Inc. said, "SRG’s prominent position in the industry along with its strong financial results allowed them the opportunity to recapitalize the company while securing and structuring special financing to meet their unique requirements. SRG has one of the strongest platforms allowing them to achieve financing tailored to their requests. We are very pleased to continue expanding our relationship with SRG and to have Fannie Mae support and work closely with us to complete transactions such as this one."
Wick Peterson, Executive Vice President and CFO said, "It was a pleasure to again work with Red Mortgage Capital and Fannie Mae. Their attention to our requests continues to be unique in our experience. Red Capital is thorough and professional, but more importantly, their whole approach to servicing clients and Fannie Mae is not only refreshing but very much appreciated."
