News - 2008
080047
Red Mortgage Capital Provides $2.4 Million FHA 241 Financing for Skilled Nursing Facility
Regency at the Park
College Place, Washington
Columbus, Ohio, February 13, 2008 — Red Mortgage Capital, Inc., a top ten FHA lender and the mortgage banking arm of comprehensive capital provider, RED CAPITAL GROUP, recently provided a $2,403,000 FHA-insured supplemental mortgage loan to facilitate the expansion of a skilled nursing facility in College Place, Washington.
Regency at the Park Rehabilitation Center is an 86-bed skilled nursing community that provides skilled nursing care, rehabilitation services, hospice care, respite care and special needs care in its Alzheimer’s/Dementia unit. Amenities include 24-hour nursing care, maintenance, laundry, housekeeping, dietary, social services, activities, meals and medication oversight.
Red Mortgage Capital, Inc. originally closed a HUD-insured 232/223(f) mortgage loan that provided permanent non-recourse financing to refinance the facility in 2005 for Regency Pacific, Inc. Recently, Red closed a HUD-insured 241 supplemental mortgage loan to provide non-recourse financing at a fixed interest rate to fund the construction of a 9,800 sq. ft. expansion to add 20 additional beds. The Seattle HUD field office processed the transaction within sixty days. In all, the transaction closed within 120 days of the HUD application.
For over 40 years, the operator of the facility, Regency Pacific, Inc., has provided care to more than 3,000 residents in over 50 retirement, assisted living, and skilled care communities across Washington, Oregon, California, Idaho and Hawaii.
Jason D. Smeck, Vice President of Red Mortgage Capital, Inc., said, "Regency at the Park is a very successful skilled nursing facility that serves the residents of College Place. This financing enables the owner to expand the facility and, in doing so, create a highly marketable rehabilitation wing. This wing will improve the facility's appeal to potential residents recently discharged from hospitals who are in need of rehabilitation before they return to their homes."
