News - 2006
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2006-048
Red Mortgage Capital Provides $10.3 Million in Fannie Mae DUS Financing for Pittsburgh Property
Webster Hall Apartments
Pittsburgh, Pennsylvania
Columbus, OH, November 27, 2006 - Red Mortgage Capital, Inc., a top ten Fannie Mae DUS lender and the mortgage lending arm of comprehensive capital provider RED CAPITAL GROUP, arranged Fannie Mae DUS financing for a property in Pittsburgh, Pennsylvania.
Webster Hall Apartments is located between Carnegie Mellon University and the University of Pittsburgh campuses. The majority of its tenants are graduate and undergraduate students of these institutions. The 12-story property was originally built in 1926 as a hotel and was renovated and transformed into an apartment complex offering 172 one-, two-, and three-bedroom units. Amenities include laundry facilities on each floor, central air conditioning, 24-hour emergency maintenance, locked entry with intercom, hair salon, and on-site deli.
Red Mortgage Capital, Inc. provided $10,300,000 in fixed rate Fannie Mae DUS mortgage financing. The loan carries a 10-year term and a 35-year amortization schedule. The property sponsor is Pittsburgh-based National Development Corporation. The property will be managed by NDC Real Estate Management, Inc., which manages more than 8,700 units spanning eight states.
Bill Balsinger, Senior Vice President of National Development Corporation said, "We were able to take advantage of the current interest rate environment and refinance our existing high-rate mortgage loan. Once again, refinancing with Red Mortgage Capital, Inc. met our every need, and we look forward to continuing our relationship with RED in the future."
Kenneth H. Bowen, Senior Managing Director of Red Mortgage Capital, Inc. said, "It is always a pleasure to work with NDC Realty Investments, Inc., and we are extremely excited about having another one of their properties in our Fannie Mae servicing portfolio. This deal was unique in that Fannie Mae granted the borrower a 35-year amortization schedule."
