News - 2006
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2006-038
$6.85 Million CMBS Financing Completed for Ohio and Michigan Properties
Bayberry Cove Apartments
Bellbrook, Ohio
Columbus, OH, August 21, 2006 – Red Mortgage Capital, Inc. recently provided a $4,750,000 CMBS loan for Bayberry Cove Apartments, and a $2,100,000 CMBS loan for Willow Creek Apartments.
Bayberry Cove Apartments, located in Bellbrook, Ohio approximately 10 miles southeast of Dayton, is in close proximity to several major highways and was constructed in 1994 pursuant to the Low Income Housing Tax Credit program. The affordable housing property offers 180 two- and three-bedroom units to residents at qualifying income levels. Property amenities include clubhouse, laundry facilities, swimming pool, community room, volleyball court, and playground.
Willow Creek Apartments is located in Battle Creek, Michigan, approximately 45 miles southwest of Lansing . The property was built in 1993, also pursuant to the Low Income Housing Tax Credit program, and it offers 90 one-, two-, and three-bedroom units to income qualifying residents.
The sponsor of both properties is P. Ronald Sabatino, who also owns T&R Properties. T&R Properties, which has managed both Bayberry Cove and Willow Creek since they were built, was founded in 1983 and has extensive multifamily experience, with more than 5,000 multifamily units under management, including 2,400 low income housing tax credit units.
Red Mortgage Capital, Inc. originated and closed both first mortgage fixed rate transactions, which were used to replace the higher rate existing debt on the properties.
Willow Creek Apartments
Battle Creek, Michigan
