News - 2008
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Red Mortgage Capital Structures $133 Million Fannie Mae Credit Facility for Nationwide Realty Investors
Easton Commons II
Columbus, OH
Columbus, OH, October 2, 2007 – Red Mortgage Capital, Inc., one of the nation’s leading Fannie Mae DUS® lenders, structured a $133,130,500 Fannie Mae credit facility for Columbus, Ohio-based Nationwide Realty Investors.
Red Mortgage Capital, Inc. and Fannie Mae arranged the $133,130,500 cross collateralized and cross defaulted credit facility with rights for substitution, partial release, borrow ups and additional capacity.
The six garden and town home properties in the transaction included Atkins Circle Apartments (316 units in Charlotte, North Carolina), Worthington Apartments and Retail (285 luxury units in Charlotte, North Carolina), Easton Commons II (500 units in Columbus, Ohio), The Waterfront Apartments (235 units in Munhall, Pennsylvania), The Residence at Christopher Wren (359 units in Pittsburgh, Pennsylvania) and The Residence at the Docks (246 units in Pittsburgh, Pennsylvania). All properties include a pool, fitness center and garages.
Paula Sloan, Vice President/Asset Management & Administration for NRI said, "Red Capital did a great job for us. Their diligence and ability to expeditiously close this transaction was greatly appreciated. We look forward to future transactions with Red."
Charles C. Meyer, Director of Red Mortgage Capital, Inc. said, "Red was very happy to work with NRI again, especially on an expandable debt facility. This tool makes it possible to add properties in the future and to trade in and out of assets in the portfolio during the life of the facility. NRI is a strong and growing real estate operator and owner and this facility should make future multifamily financing very easy for the company."
The Waterfront Apartments
Munhall, Pennsylvania
