News - 2006
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2006-039
RED Arranges $14.5 Million Permanent Financing for Class A Dublin Community
Life Company Execution Allows Rate Lock Prior to Construction Completion
Residences at Scioto Crossing
Dublin, Ohio
Columbus, OH, September 5, 2006 – Red Mortgage Capital, Inc. recently provided a $14,500,000 permanent loan for Residences at Scioto Crossing.
The Residences at Scioto Crossing, a recently completed multifamily property located in Dublin, Ohio houses 174 one-, two-, and three-bedroom units. The property boasts many in-unit, and community features and amenities. Lakes, ponds, lush landscaping, and walking trails are interspersed throughout the property and residents enjoy many on-site amenities as well, including a business center, clubhouse with DVD library, car wash with vacuum, fitness facility, bicycle loan program and scheduled community social events. Unit amenities include frost free refrigerators with ice maker, 9 foot vaulted ceilings, private individual entries, walk-in closets, spacious bathrooms with cultured marble vanities, and fireplaces and microwaves in select units. The property is in an excellent location in the prestigious Dublin city school district.
The sponsor of the property is P. Ronald Sabatino, who also owns T&R Properties. T&R Properties was founded in 1983 and has extensive multifamily experience, with more than 5,000 multifamily units under management.
Red Mortgage Capital, Inc. acted as correspondent on the 10-year, fixed rate, non-recourse permanent loan, which paid off the property’s existing construction loan. The low fixed rate was locked prior to the completion of construction, and was funded upon completion of construction, without a leasing requirement. This allowed the borrower to eliminate the risk of potentially rising interest rates during the construction completion and lease-up phases.
