News - 2008
2006-022
Red Mortgage Capital Provides Regency Pacific, Inc. with Capital Solutions for Two Pacific Northwest Senior Housing Facilities
Columbus, OH, May 24, 2006 – Red Mortgage Capital, Inc., the mortgage lending arm of comprehensive capital provider RED CAPITAL GROUP and a top ten FHA lender structured an interim refinancing and construction loan for a skilled nursing / assisted living facility in Yakima, Washington and an FHA Insured Mortgage Loan financing under HUD’s Multifamily Accelerated Process ("MAP") program for a skilled nursing facility in Grants Pass, Oregon.
Good Samaritan Health Care / Samaritan House, located in Yakima, Washington is a 105-bed skilled nursing and 26-unit assisted facility that provides a continuum of care for area seniors. Red Mortgage Capital, Inc. provided $7,500,000 in first mortgage interim financing which allows for a refinancing of the existing indebtedness as well as funding for future renovations which will include the addition of a new front entrance, replacement of all flooring and windows, reconfiguration of resident bathrooms, renovations of the nursing stations, and expansion of the therapy area.
Fair View Transitional Health, built in 1966 and located in Grants Pass, Oregon, is a 76-bed nursing facility that provides 24-hour nursing care, maintenance, laundry, housekeeping, dietary, social services, activities, and medication oversight. Red Mortgage Capital, Inc. processed and funded the $3,370,000 mortgage loan which carries a 25-year term, is non-recourse and is insured via FHA’s Section 232/223(f) mortgage insurance program. The FHA insured loan was processed through the HUD-Portland office.
Both projects are owned by James L. Clay, an experienced owner/operator with a portfolio of forty-four skilled nursing and assisted living properties.
