News - 2006
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2006-023
Red Mortgage Provides $34 Million Interim Financing For Medical Office Portfolio Acquisition
Columbus, OH, May 24, 2006 – Red Mortgage Capital, Inc., the mortgage lending arm of comprehensive capital provider RED CAPITAL GROUP, recently closed an interim loan for a joint venture of Nationwide Health Properties and an affiliate of The Broe Companies to fund the acquisition of a pool of 18 medical office buildings. The properties were built between 1973 and 1998, and are located in Texas, Louisiana, Virginia, Georgia, and South Carolina.
Nationwide HealthProperties, headquartered in Newport Beach, California, is a real estate investment trust that invests primarily in health care related facilities with investments in 422 facilities in 38 states. The Broe Companies is a premier private owner and operator of office, residential, industrial, medical office buildings and seniors housing communities throughout the U.S. The company is also the largest private rail and rail-related owner/operators in North America.
Red Mortgage Capital, Inc. structured the $34 Million loan which will provide the joint venture time to implement a capital improvement program and reposition the pool of assets under the management of a subsidiary of The Broe Companies, InSite Properties, Inc.
Christian R. Mauger, Managing Director of Red Mortgage Capital, Inc. said, "We are pleased to expand our relationships with NHP to include financing solutions outside of the seniors housing sector, and look forward to developing a long-term relationship with The Broe Companies. This financing should provide the joint venture with the flexibility needed to effect its operating strategy and create significant additional value."
Robert Jacobs, Chief Investment Officer of The Broe Companies, Inc. said, "This was our first financing with Red Capital Group, and we are very pleased with the execution. Their ability to structure and close a loan that provides flexibility in the funding of future capital expenditures is greatly appreciated. We look forward to expanding our relationship with Red Capital in the future."
Donald D. Bradley, Chief Investment Officer of Nationwide Health Properties, Inc. said, "Once again RED has created a customized solution to accommodate our evolving needs. We anticipate future assistance from RED and their unique financing abilities."
