News - 2008
2006-034
RED Provides $41.7 Million Fannie Mae DUS™ Financing for 4-Pool Senior Portfolio
Columbus, OH, August 8, 2006 – Red Mortgage Capital, Inc., the nation’s top Fannie Mae DUS™ seniors housing lender for the past three years, announced that it has provided Fannie Mae DUS fixed rate permanent financing to Health Care Property Investors, Inc. ("HCP") on a portfolio of four seniors housing communities. Under a sale/leaseback transaction last year, all of the properties are leased to and operated by a subsidiary of Aegis Senior Living.
The portfolio is comprised of four, well diversified high-end assisted living and Alzheimer’s/dementia facilities with good geographic dispersion, all originally developed by Aegis. Aegis Gardens, built in 2001 and located in Fremont, California, has a combination of 64 one-, and two-bedroom units with 15 studios dedicated for dementia patients. Aegis of Shoreline, located approximately 20 minutes north of downtown Seattle was built in 2003, and has a total of 54 studio units including 36 dementia care units. Aegis of South San Francisco, built in 2002, has 71 units, including 18 studio units dedicated to dementia care units. Aegis of Ventura, located approximately three miles from the Pacific Ocean in Ventura County, has 49 private, assisted-living apartments and 35 studio units designed for residents with Alzheimer’s or dementia.
ÁegisLiving is a national leader in independent and assisted living with a premier memory care program. ÁegisLiving operates over 40 communities in Washington, California, Nevada, Colorado and Kansas.
RED provided a $41,728,500 Fannie Mae DUS fixed rate loan secured by all four properties. The loan will carry an initial 24-month interest only period followed by a 25-year amortization schedule.
Christian R. Mauger, Managing Director of Red Mortgage Capital, Inc. said, "Working closely with Fannie Mae early in the process, we were able to structure a unique financial solution which enhances HCP’s yield on these assets. We are pleased to be expanding our relationship with HCP and working with a quality operator in Aegis."
