News - 2008
2006-053
Red Mortgage Capital Provides $18.6 Million to Refinance Two Seniors Properties for Seattle-based Seniors Housing Company
Merrill Gardens at Olympia
Olympia, Washington
Columbus, OH, December 19, 2006 - Red Mortgage Capital, Inc, the nation's top Fannie Mae DUS lender in seniors housing for the past three years arranged Fannie Mae DUS permanent financing for two seniors housing communities in Washington and California.
Both properties are owned and operated by Merrill Gardens, LLC, or subsidiaries. Merrill Gardens, LLC is a premier independent living provider that owns and operates or manages 71 communities in 11 states. Merrill Gardens at Olympia is a 79-unit independent and assisted living facility located in Olympia, Washington, approximately 60 miles southeast of Seattle, and Merrill Gardens at San Ramon is an 81-unit independent and assisted living facility located approximately 35 miles from San Francisco in San Ramon, California. Common amenities include weekly housekeeping service, restaurant style dining, social activities and an emergency call system in each unit.
Red Mortgage Capital, Inc. structured the financing as two separate cross-collateralized and cross-defaulted Fannie Mae DUS mortgage loans. Both loans have a 10-year term with a 25-year amortization schedule.
Merrill Gardens was formed in 1993 to provide an alternative to traditional retirement housing and is now is the 12th largest manager of retirement communities in the United States (source: 2006 ASHA 50).
William D. Pettit, Chairman of Merrill Gardens, LLC said,"Given the recent improvement in the Treasury market, it was important that we locked rate and closed these financings quickly. We appreciate the efficiency of execution RED and Fannie Mae continue to provide, and are extremely pleased with the outcome. We look forward to continuing and expanding our relationship with RED in the future."
Merrill Gardens at San Ramon
San Ramon, California
