News - 2006
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2006-044
Blairmore Apartments Receives $16.2 Million Fannie Mae Financing
RED Structures Streamlined Refinancing and Reduced Interest Rate
Columbus, OH, October 24, 2006 - Red Mortgage Capital, Inc., the mortgage banking unit of comprehensive capital provider RED CAPITAL GROUP, structured the refinancing of two existing Fannie Mae DUS loans secured by a multifamily property in Rancho Cordova, California.
Blairmore Apartments, a gated community built in 1985, houses 252 one- and two-bedroom units in 26 two-story garden style buildings situated on a 10.77 acre site. The project in located in Rancho Cordova, California, approximately 15 miles east of downtown Sacramento. Each unit is equipped with a full sized washer and dryer, dishwasher, patio or balcony, and fireplace in select units. Onsite amenities include a leasing office/clubhouse with fitness center, swimming pool, spa and wooded picnic areas throughout the grounds.
Red Mortgage Capital, Inc. provided a $16,250,000 fixed-rate Fannie Mae MBS/DUS loan to refinance an existing first, and coterminous second mortgage trust loan, both previously secured by Red Mortgage Capital, Inc. Red was able to extend Choice Loan Refinancing, which resulted in an interest reduction and allowed for excess proceeds to fund capital improvements, including the addition of new siding and windows.
Key Principals, Mr. and Mrs. Kenneth Randall, have ownership interests in 902 apartment units in Northern California and Oregon, all of which are professionally managed by CTL Management, Inc.
Mr. Randall, President of Randall Realty Corp. said, "I have always been very pleased with RED's performance over the years, and this time was no exception. Not only did RED beat the promised rate lock date, they coordinated all necessary activities to facilitate a smooth transaction from start to finish. It was so nice to return from my vacation to find the funding completed. RED consistently meets or beats all deal parameters from initial proposal."
