News - 2006
2009 | 2008 | 2007 | 2006 | 2005
2006-020
RED Provides $26.7 Million CMBS/Conduit Financing for Two Multifamily Properties in 14 Days
Red Mortgage Will Service Loans on Colorado Properties
Dayton Crossing
Denver, Colorado
Columbus, OH, May 11, 2006 – Red Mortgage Capital, Inc., the mortgage banking arm of comprehensive capital provider RED CAPITAL GROUP, recently arranged and placed conduit loan executions for two apartment communities in Denver, Colorado.
Red Mortgage Capital, Inc. underwrote $13,400,000 for Dayton Crossing and $13,300,000 for Woodstream Village, sister properties containing 324 units and 320 units, respectively. Both were developed in 1980-81 and are located in the southeast Denver submarket, approximately 7 miles southeast of the Denver Central Business District. The properties have excellent accessibility to I-255 and the Denver Technology Center, which serves as a major employment center. Property amenities include an indoor and outdoor pool, exercise facility, tennis courts, steam room, spa, and a party center and business center.
Anthony D. Cinquini, Senior Managing Director of Red Capital Markets, Inc. , lead banker and head of RED’s Newport Beach office commented, "The transaction was part of an ownership restructuring. Our ability to efficiently complete the transaction – in just 14 days - was important, as is our ability to service the loan." A representative for the borrowing entity commented, "We appreciate Red’s help in closing these loans in record time. We’re thrilled with the result and appreciate all the time Red Capital put into this deal." As a result of the financing, each property now is owned by a Colorado limited liability company and single purpose entity.
Woodstream Village
Denver, Colorado
