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071024
RED Provides Fannie Mae Acquisition Financing To Facilitate 1031 Exchange in Northern California
Loan Proceeds Supplement Prior Sale Proceeds
Stoneridge Apartments
Roseville, California
Columbus, OH, December 11, 2007 — Red Mortgage Capital, Inc., one of the nation’s leading Fannie Mae DUS® lenders, recently provided Fannie Mae acquisition financing to The Randall Group for a multifamily acquisition in the northeastern Sacramento metro area, in the City of Roseville, California.
Stoneridge Apartments, constructed in 2004, consists of 32 two-story apartment buildings, containing 230 one-, two-, and three-bedroom garden-style apartment units. Amenities include gated access, clubhouse, spa and fitness center, heated pool, tot lot, barbecue area, walk-in closets, full size washer/dryer, and patio/balcony with storage closet. Some of the larger units also come with gas fireplaces, 9-foot ceilings and garage parking. With new construction in the immediate area, residents of the subject property are just minutes away from major supermarkets, retail stores, numerous strip centers, coffee shops, gas service stations, fast food and sit-down restaurants, a water park, schools and office buildings.
Red Mortgage Capital, Inc. provided $18,600,000 in Fannie Mae fixed rate acquisition financing, which carries a 10-year term, interest-only payments, and 30-year amortization schedule. The sponsor used the Fannie Mae financing in conjunction with sale proceeds from another recently divested property, to purchase Stoneridge Apartments and effectively complete a 1031 Exchange.
The Randall Group, Inc., headquartered in Portland, Oregon, is one of the leading real estate investment and management companies on the West Coast, currently owning and managing over sixty apartment communities. CTL Management, Inc., a subsidiary of The Randall Group, manages the subject property.
