News - 2006
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2006-016
RED Provides $5.8 Million Permanent Financing for Pennsylvania Property
Niagara Village
Erie, Pennsylvania
Columbus, OH, May 8, 2006 – Red Mortgage Capital, Inc., the mortgage banking unit of comprehensive multifamily capital provider RED CAPITAL GROUP, structured Fannie Mae DUS™ financing on an independent living facility for Holiday Retirement Corp., the largest owner and operator of retirement housing in the world.
Niagara Village, located in Erie, Pennsylvania, houses 112 independent living units in one, 3-story building and is situated approximately 4 miles southwest of Erie ’s central business district. Unit amenities include a kitchenette with a sink and small refrigerator, call systems in all living areas and bathrooms and walk-in showers. Community amenities include an activity room, billiard room, library, beauty salon, exercise room, laundry facilities and guest suite.
Red Mortgage Capital, Inc., a top ten Fannie Mae DUS lender, provided $5,850,000 of Fannie Mae DUS permanent financing which will refinance an existing mini-perm loan, and partnership debt.
Holiday Retirement Corp. was founded in 1971 and currently manages 290 retirement properties throughout North America .
Mark Burnham, Senior Vice President of Finance of Holiday Retirement Corp. said, "Red continues to be a smooth and efficient loan processor. We appreciate their support."
Casey N. Moore, Managing Director, Red Mortgage Capital, Inc . said, "It is a pleasure working with the professional staff at Holiday , as we work together to meet their long term financing needs."
