News - 2006
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2006-019
RED Provides Financing with Early Rate Lock for $31.3 Million Atria Senior Living Portfolio
Columbus, OH, May 10, 2006 – Red Mortgage Capital, Inc., the nation’stop Fannie Mae DUS™ seniors housing lender for the past three years, provided Fannie Mae DUS Early Rate Lock permanent financing totaling $31,368,000 on a portfolio of three seniors housing communities owned and operated by Atria Senior Living Group, Inc. ("Atria").
The properties, built from 1984-1997 include Bell Court Gardens (141 units) in Tucson, Arizona, Shaker (129 units) in Albany, New York and St. Matthews (72 units) in Louisville, Kentucky which provide independent living, assisted living and Alzheimer services.
RED provided an Early Rate Lock for the full amount of the loan which will refinance existing interim loans. The properties are cross-collateralized and cross-defaulted and the loans each have 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.
Christian R. Mauger, Managing Director of Red Mortgage Capital, Inc. said, "Over the last two years, Atria has financed a significant portion of its stabilized portfolio with low-cost fixed rate debt, which will result in significant cash flow gains. We look forward to continuing and expanding our relationship with Atria and its sister company, One Lantern Senior Living, Inc."
