News - 2006

Columbus, OH, August 2, 2006 – Red Mortgage Capital, Inc., the mortgage lending arm of comprehensive capital provider RED CAPITAL GROUP, structured first mortgage, interim loan acquisition financing for an assisted living facility in Gresham, Oregon.

Opened in 2003, and located approximately 12 miles east of Portland ’s central business district, Chestnut Lane offers 70 studio and one-bedroom assisted living units with a focus on serving deaf and deaf-blind residents. Community amenities include an activity room, beauty salon, exercise room, laundry facility, video conference room, spa, and weekly housekeeping. Each of the private rooms is appointed with kitchenette, refrigerator, microwave, and an emergency response/alert system specifically designed for the deaf. Several banks and service providers are located within a one mile radius of the property.

Red Mortgage Capital, Inc. provided $2,800,000 in first mortgage interim financing that facilitated the purchase of the property by three individuals, each of whom has significant seniors housing operating experience. The property will continue to be operated by Concepts in Community Living, Inc., which is owned by one of the acquiring key principals.

Craig S. Jones, President and Chief Operating Officer of Red Capital Markets, Inc. said, "We were pleased to be able to provide financing to an assisted living community that caters to hearing impaired residents. At the same time, we appreciated the opportunity to expand our relationship with Steven Vick and develop a new relationship with Michael DeShane and Lee Blake."

Steven Vick, a principal to the transaction and Chairman of Signature Senior Living said, "It was a pleasure to again work with Red Capital Group. We appreciate their diligence and ability to deliver this financing on our short timeline."