News - 2007
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2007-011
RED Provides $35 Million Financing for Retirement Management, Inc.
Columbus, OH, May 31, 2007 – Red Mortgage Capital, Inc., the nation’s top Fannie Mae Delegated Underwriting and Servicing (DUS®) seniors housing lender for three consecutive years, provided Fannie Mae DUS permanent financing totaling $35,000,000 on a portfolio of seven seniors housing communities (377 units) owned and operated by Retirement Management, Inc. ("RMI").
The properties, built in 1998 and 1999 include Park Square Manor (76 units), Fox Ridge Manor (48 units), Jefferson Manor and Oak Woods Manor (each with 50 units), and McKay Manor, Northwood Manor and Smith Farms Manor, (each with 51 units). All properties are located in Indiana and provide independent living services. Community amenities include a beauty parlor, activity area and sitting area with television.
RED provided permanent financing in order to refinance interim loans it previously made on the properties, as well as other existing mezzanine debt. The properties are cross-collateralized and cross-defaulted and the loans each have a 10-year term and 25-year amortization. RED has worked with RMI since 2005 providing interim loan financing
Key Principals David A. Lewis and Robert A. DeVoss formed the Indiana-based Retirement Management, Inc. in 1996 and, combined, have over 60 years experience in retirement community development, marketing, and management. The company currently operates eight independent and assisted living communities in Indiana.
Casey N. Moore, Managing Director of Red Mortgage Capital, Inc. said, "The RMI management team has worked extremely hard to position this portfolio of properties for permanent financing. It has been very rewarding to help take this portfolio from a leased situation to an equity building situation for RMI. We are pleased to have RMI as a customer and look forward to helping the company continue to grow."
