News - 2008
2009 | 2008 | 2007 | 2006 | 2005
080245
RED Provides $5.5 Million Fannie Mae DUS® Supplemental Financing for California and Oregon Seniors Properties
Proceeds to Fund Memory Care Facility in Oregon City
Skyline Place
Sonora, California
Columbus, Ohio, June 25, 2008 — Red Mortgage Capital, Inc., one of the nation’s top ranked Fannie Mae DUS® seniors housing lenders, and the mortgage banking arm of comprehensive capital provider RED CAPITAL GROUP, recently structured Fannie Mae DUS supplemental financing on two existing seniors facilities for which it originally provided Fannie Mae DUS permanent financing.
Skyline Place, located in Sonora, California, contains 105 Assisted Living and Alzheimer’s/dementia care units. McLoughlin Place, located in Oregon City, Oregon, contains 97 Independent and Assisted Living units. Proceeds from the supplemental loans will fund the addition of a Memory Care Facility. The expansion will consist of 24 Alzheimer’s/dementia care units in a separate building on a separate parcel adjacent to McLoughlin Place. Proceeds from this financing will also help fund the construction of a 19 unit expansion at Lifestyles, Flagstone Senior Living property, in The Dalles, Oregon.
Red Mortgage Capital, Inc. provided a combined $5,545,000 in Fannie Mae supplemental financing for both properties, which will run coterminous with the 15-year, 30-year amortized first mortgage loans provided by RED and Fannie Mae in September of 2004.
The owner and manager of the facilities, 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., stated, "We are pleased to have been able to close this supplemental funding, which will help Lifestyles expand its current portfolio with a low cost of capital."
McLoughlin Place
Oregon City, Oregon
