News - 2007
2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005
2007-016
RED Extends $20 Million Financing For Two Multifamily Properties in the Midwest
Columbus, OH, August 16, 2007 – Red Mortgage Capital, Inc., the mortgage banking unit of comprehensive capital provider RED CAPITAL GROUP, structured the refinancing of two existing Fannie Mae DUS® loans for Associated Estates Realty Corporation.
The first property financed is Spring Valley Apartments, a two-story apartment property with 17 buildings and 224 one-, and two-bedroom units constructed in 1986 and located in Farmington Hills, Michigan. The second property is Residence at White River, built in 1990 with 228 one-, two-, and three-bedroom units in ten 2- and 3-story buildings, located in Indianapolis, Indiana. Unit amenities at both properties include refrigerator, dishwasher, electric range, microwave, dishwasher and full sized washer and dryer. Common amenities include a clubhouse with fitness center, outdoor pool, detached garages, carports, and covered storage.
Red Mortgage Capital, Inc. provided $10,816,600 fixed-rate Fannie Mae MBS/DUS financing for Spring Valley Apartments and $9,221,300 fixed-rate Fannie Mae MBS/DUS financing for Residence at White River to refinance existing first mortgages. The loans have a 7-year term with interest-only payments.
Associated Estates Realty Company, headquartered in Richmond Heights, Ohio, specializes in the ownership and management of apartment communities and currently owns, manages, or is a joint venture partner in over 100 apartment communities in ten states.
