Columbus, Ohio, February 20, 2008 — Red Mortgage Capital, Inc., one of the nation’s leading Fannie Mae DUS® lenders, and the mortgage banking arm of comprehensive capital provider RED CAPITAL GROUP, recently provided $6,847,000 of Fannie Mae first mortgage financing to finance the acquisition of Meridian Hills Assisted Living in Puyallup, Washington.
Meridian Hills Assisted Living, constructed in 1989, consists of a purpose-built one-story and a three-story building connected by an upper-level sky bridge. The buildings feature 81 assisted living units.
RED has provided over $50 million in short-term and permanent financing for the key principals of the project sponsor, Round Lake, LLC, over the past four years, ranging from HUD-insured non-recourse financing to short-term bridge loans that facilitated acquisitions.
James F. Sherman, Senior Managing Director of Red Mortgage Capital, Inc., said, "We were very pleased to provide the financing that facilitated the purchase of the Meridian Hills Assisted Living community. This was the sponsor's first experience with financing via the Fannie Mae program, and RED successfully closed the transaction within sixty days of engagement."
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