News - 2006
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2006-018
RED Provides Financing with Dual Extended Rate Lock for $30.9 Million on Two Seniors Properties
Columbus, OH, May 8, 2006 – Red Mortgage Capital, Inc., the nation’s top Fannie Mae DUS™ seniors housing lender for the past three years, provided Fannie Mae DUS financing for two properties owned and operated by Atria Senior Living Group, Inc. ("Atria").
Valley View was built in 1976 and consists of one, 2-story structure that includes 125 units in Walnut Creek, California. Chandler Villas, built in 1988 and located in Chandler, Arizona, consists of one main building, one recreation building and 15, one- and two-story residential buildings that house 164 units. Both facilities have an emphasis on independent living care, but also offer some assisted living services as well. Amenities include a library, activities room, beauty/barber shop and card shop.
RED provided a Fannie Mae fixed-rate loan for Valley View in the amount of $21,662,600 and approximately one month later provided a $9,306,300 Fannie Mae fixed-rate loan for Chandler Villas. Both loans were structured under the Extended Rate Lock product and will refinance existing FHA loans. Each loan carries a 10-year term and 25-year amortization. RED has worked with Atria since 2001 providing Fannie Mae DUS first mortgage loans and Fannie Mae DUS supplemental loans, as well as interim/bridge financing solutions.
Atria, headquartered in Louisville, Kentucky, is a national provider of assisted living and independent living services for the elderly. The company currently owns or leases more than 112 communities in 27 states.
