News - 2008
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Red Mortgage Capital Provides $6.27 Million Fannie Mae DUS® Acquisition Financing for Decatur, Alabama Property
7 Year Loan Term Maximizes Proceeds
Courtyard Decatur Apartments
Decatur, Alabama
Columbus, Ohio, June 25, 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 $6,270,000 of Fannie Mae DUS® fixed-rate acquisition financing for Sycamore Development & Management Group.
Courtyard Decatur Apartments, constructed in three phases from 1989-1997, contains 196 one-bedroom units located throughout nine apartment buildings. Property amenities include a swimming pool, two laundry facilities and 82 furnished units.
Debbie Taylor, Managing Member of Sycamore Development & Management Group, LLC, said, "We recently acquired Courtyard Apartments in Decatur, Alabama. Knowing the challenging nature of the real estate financing market, we were concerned that the loan terms given on the quote would not be a reality at closing. RED CAPITAL delivers on their commitment. I will, without question, utilize the RED team for our Multi-Family Real Estate acquisitions. Thanks, RED CAPITAL, for making this a pleasurable experience."
Sycamore Development & Management Group, a Montgomery, Alabama-based development and management company, was founded in 2006 by Debbie Taylor and partners.
Nathan Kennedy, Real Estate Lending Representative of Colonial Banc Group, who introduced the transaction to RED said, "Red Capital worked well with Colonial Bank and the borrower to ensure that the acquisition financing of Courtyard Apartments was smooth and efficient and the financing requirements were satisfied in a timely manner. A special thanks to Lee McNeer and the team at Red Capital for all of their excellent work."
Lee F. McNeer, Vice President of Red Mortgage Capital, Inc., said, "It was a pleasure to work on this acquisition with both Sycamore and Colonial Banc Group. We look forward to working with them both on future opportunities."
