News - 2007
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071015
RED’s Fannie Mae Structured ARM Credit Facility Provides Financing for Klingbeil Multifamily Fund VI’s Southern California Acquisition
Ocean Vista Apartments
Oceanside, California
Columbus, OH, December 11, 2007 — Red Mortgage Capital, Inc., one of the nation’s leading Fannie Mae DUS® lenders, provided Fannie Mae loan financing to Klingbeil Multifamily Fund VI, LLC ("KMF-VI") for an apartment community located in Oceanside, California, the third largest city in San Diego County.
Ocean Vista Apartments, located in close proximity to Camp Pendleton Marine Base, consists of 11 two-story apartment buildings. The buildings contain 112 units and occupy 7.28 acres of land. Property amenities include spa, barbecue area, tot lot and covered parking. As part of the transaction, Klingbeil Capital Management, the owner/sponsor, is planning a $952,000 capital improvements project (approximately $8,500 per unit), largely focused on unit upgrades.
Red Mortgage Capital, Inc. provided the $9,240,000 financing through a $250,000,000 Fannie Mae Adjustable Rate Mortgage (ARM) Fannie Mae Credit Facility which it originally had structured in 2005. This is the sixth transaction financed under the KMF-VI Facility.
KMF-VI was formed in 2005 by General Motors Investment Management Corp. and Klingbeil Capital Management, Ltd. as a $100 million dollar co-investment fund. The Klingbeil Organization is a privately held assemblage of real estate operating and investment entities with over 45 years of real estate experience. Klingbeil Capital Management, Ltd. is one of the leading apartment management firms in the nation.
Sheri Thompson, Senior Managing Director of Red Mortgage Capital, Inc. and lead banker on the transaction said "Klingbeil is a strong sponsor with quality assets and extensive experience in the multifamily market. We are pleased to provide financing and continue our longstanding relationship with such a premier organization."
