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, arranged Fannie Mae DUS acquisition financing for LifeStyles Senior Housing Managers, LLC.
Highland Estates, constructed in three phases between 1998 and 2000, is an assisted living facility consisting of 61 resident rooms. The Willows, constructed in 1999, is an assisted and Alzheimer’s living facility consisting of 60 resident rooms. Common areas for both properties are residential in nature and include staff offices, nurse station, main dining room, private dining room, activity room, library, TV room, beauty salon and a spa tub room. The facilities are both equipped with emergency response systems and are fully equipped with sprinklers.
Red Mortgage Capital, Inc. provided a combined $8,609,000 in Fannie Mae acquisition financing for both properties, which carries a 10-year term and 30-year amortization schedule.
LifeStyles Senior Housing Managers, LLC, has more than 25 years experience with administration and management of health and senior care facilities and currently operates 12 communities in four western states.
Casey N. Moore, Managing Director of Red Mortgage Capital, Inc., said, "Red is pleased to have been able to facilitate this Lifestyles acquisition through Fannie Mae permanent financing. This was an important transaction for Lifestyles, as they continue to grow their management portfolio. Due to the complex deal structure, Red used the experience we have with Lifestyles and Fannie Mae to work to a successful deal outcome. We look forward to future opportunities with the Lifestyles team." |
