News - 2008
070800
Red Mortgage Capital Provides Fannie Mae DUS® Financing for Seniors Apartments
Zionsville Garden Homes
Zionsville, Indiana
Columbus, Ohio, October 22, 2007 – Red Mortgage Capital, Inc., the nation’s top ranked Fannie Mae DUS® seniors housing lender from 2003-2006, and the mortgage banking arm of comprehensive capital provider RED CAPITAL GROUP, arranged a Fannie Mae DUS mortgage loan for independent living units in a northwest suburb of Indianapolis.
Zionsville Garden Homes, a 60-unit, cottage-style, independent living rental community built in 1985, is part of a larger seniors housing campus known as Zionsville Meadows. The campus also includes 250 assisted living, memory care and skilled nursing beds, totaling 310 units in all, and is owned by the principals of Turtle Creek Management, Inc. Zionsville Garden Homes, located on a separate parcel, was the only facility financed through this transaction. This facility is leased to Health and Hospital Corporation of Marion County, Indiana and is managed by American Senior Communities.
Red Mortgage Capital, Inc. provided a $4,000,000 Fannie Mae DUS loan, which represents RED’s second Fannie Mae transaction with Turtle Creek Management, Inc.
Casey Moore, Managing Director of Red Mortgage Capital, Inc., added, "The Red seniors team enjoyed the challenge of this multi-entity transaction, and we appreciate the skills the American Senior Communities staff contributed to making this deal work for all parties."
