News - 2006
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2006-027
RED Provides $6 Million Fannie Mae Supplemental Financing for Two Seniors Facilities in California
Columbus, OH, June 21, 2006 – Red Mortgage Capital, Inc., the mortgage banking unit of comprehensive multifamily capital provider RED CAPITAL GROUP, structured Fannie Mae DUS™ supplemental, second mortgage financings on two senior care facilities.
The properties financed include Skyline Place (93 assisted living units and 22 Alzheimer’s care units), located in Sonora, and The Meadows (70 assisted living and 24 Alzheimer’s care units), located in Sacramento. Amenities at Skyline include a private dining room, beauty shop, TV lounge, card room, living room and fireside room, and at The Meadows, a barber/beauty shop, central kitchen and laundry, whirlpool area, exercise room and computer room.
Red Mortgage Capital, Inc. provided $ 2,644,000 in Fannie Mae DUS second mortgage financing for Skyline Place and $3,376,000 for The Meadows. Previously, in late 2004 and early 2005, Red Mortgage Capital, Inc. provided first mortgage financing for the two properties that totaled more than $14 million.
Both of the properties are operated by LifeStyles, Senior Housing Managers, LLC which employs 700 individuals and operates 11 senior housing communities with more than 1,260 units, ranging from independent living, assisted living and Alzheimer’s units.
Paul Dendy , President of LifeStyles, LCC said, "Thank you, Red, for your timely, professional and courteous assistance with the Skyline and The Meadows transactions over the last couple of months. We are pleased with the entire process and look forward to working with you again."
Casey N. Moore, Managing Director of Red Mortgage Capital, Inc . said, "Red is pleased to have had the follow-up opportunity to work with LifeStyles, LLC, a significant regional operator in the seniors housing industry, on this Fannie Mae financing. We appreciate the level of dedication by LifeStyles’ principals and staff in helping close these transactions and we look forward to bringing other quality LifeStyles seniors housing properties to Red and Fannie Mae for financings."
