News - 2007
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2007-005
Red Mortgage Provides $8.2 Million in First Mortgage Financing to Santa Rita Care Center
Santa Rita Care Center
Green Valley, Arizona
Columbus, OH, March 27, 2007 – Red Mortgage Capital, Inc., the mortgage banking unit of comprehensive capital provider RED CAPITAL GROUP, provided $8,275,000 in first mortgage and construction financing for a skilled nursing property in Arizona.
Santa Rita Care Center, built in 1975, is a skilled nursing facility located in Green Valley, 22 miles south of Tucson. The financing will allow for the construction of a 15-bed expansion on the property which once completed, will offer private and semi-private rooms with a total of 120 beds. Santa Rita’s services include 24-hour personal care, individual nutritional evaluation and meal planning, physical therapy, dental services, and several other programs that cater to individual needs and abilities.
Key Principals Charles and Berniece Patterson own two other skilled nursing facilities and have over 25 years of healthcare experience. The property is managed by Santa Rita Care Center, LLC, also owned by the Patterson’s.
Casey N. Moore, Managing Director, Red Mortgage Capital, Inc. said. "Red is pleased to have the opportunity to work with the Patterson’s on this loan. We appreciate the professionalism of their staff and operations and look forward to working with them on future financings."
