News - 2007
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2007-013
Red Mortgage Capital Provides Supplemental Financing for Two Seniors Properties in Indiana
Columbus, OH, July 24, 2007 – Red Mortgage Capital, Inc., the mortgage lending arm of comprehensive capital provider RED CAPITAL GROUP, recently processed and funded two FHA Section 241(a) Insured Mortgage Loans for the expansion of two senior properties in Indiana.
Brentwood at Hobart, constructed in 2000, currently offers 66 assisted living units on a 3.2 acre site and Brentwood at LaPorte, built in 1999, houses 57 assisted living units on 2.5 acres. The financing will allow for each property to receive a 40,000 square foot expansion, and an additional 22 assisted living beds and 34 assisted living dementia beds. Additional improvements at Brentwood at LaPorte will include the construction of eight separate buildings containing 16 independent living units. Once completed, amenities will include a full private bathroom, and kitchenette in the assisted living units, and a private patio, one-car attached garage, washer/dryer, refrigerator and stove in the independent units at the Brentwood at LaPorte property.
Red Mortgage Capital, Inc., a top ten FHA/MAP Lender, processed and funded a $4,724,500 supplemental loan for Brentwood at Hobart and a $6,558,200 supplemental loan for Brentwood at LaPorte through the U.S. Department of Housing and Urban Development’s ("HUD") Indianapolis office. Upon completion, which is slated for July 2008, Brentwood at Hobart will offer a total of 88 assisted living units, and 34 assisted living/dementia beds. Brentwood at LaPorte will include a unit mix of 79 assisted living units, 34 assisted living/dementia beds, and 16 independent living units. Both loan terms will coincide with the maturity of the previous FHA Insured Loans.
Owner Steven L. Garatoni of Hobart Retirement, LLC has over eighteen years experience in residential and multifamily real estate development, and management and has a current portfolio of over 500 units.
