News - 2006
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2006-040
Holiday's Pioneer Valley Lodge Receives $9 Million Fannie Mae Financing
RED Underwrites Independent Living Property in Utah
Pioneer Valley Lodge
Northern Logan, Utah
Columbus, OH, September 7, 2006 – Red Mortgage Capital, Inc., the mortgage banking unit of comprehensive multifamily and seniors housing capital provider RED CAPITAL GROUP, structured Fannie Mae DUS™ financing on an independent living facility for Holiday Retirement Corp., one of the largest owner and operator of retirement housing in the world.
Pioneer Valley Lodge, located two miles northeast of North Logan’s Central Business District and 80 miles northeast of Salt Lake City, houses 115 independent living ap art ments and is comprised of a single-story and a three-story building. Unit amenities include individually controlled heating and cooling, a kitchenette with a sink and small refrigerator, emergency pull cord in each bedroom and bathroom, and a walk-in tub in the bathroom. Community amenities include an activity room, library, beauty/barber shop, exercise room, laundry facilities, chapel and guest suite. The property offers a base services package that includes meals, housekeeping and scheduled transportation.
Red Mortgage Capital, Inc., a top ten Fannie Mae DUS™ lender, provided $9,000,000 of Fannie Mae DUS first mortgage financing which will refinance existing first mortgage and partnership debt.
Mark Burnham, Senior Vice President of Finance of Holiday Retirement Corp. said, "Red continues to be a smooth and efficient loan processor. We appreciate their support."
Holiday Retirement Corp. was founded in 1971 and manages 322 retirement properties throughout North America .
Casey N. Moore, Managing Director, Red Mortgage Capital, Inc. said, "It is a pleasure working with the professional staff at Holiday as we work together to meet their long-term financing needs."
