News - 2008
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RED Provides Fannie Mae DUS® Loan For Memory Care Facility
State of Washington Refinance Completed in Under 60 Days
Garden Courte Memory Care
Olympia, Washington
Columbus, Ohio, June 27, 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 a $9,788,000 Fannie Mae DUS financing for a memory care facility in Olympia, Washington that specializes in the care of residents with Alzheimer’s disease and Dementia. The transaction refinanced an existing loan held by another lender and Red completed the transaction in less than 60 days which enabled the borrower to avoid loan extension penalties.
Built in 1996, Garden Courte Memory Care Community is a free-standing Alzheimer’s/Dementia facility containing 60 units/89 beds. The single-story building has two identical wings with rooms for residents, activity rooms, dining rooms, offices for administrative purposes, a barber/beauty salon, and a full commercial grade kitchen for residents’ meal preparations. A controlled access point divides the main lobby from the residents’ living area. The facility also is equipped with a 24-hour emergency response and alert system, and is fully outfitted with sprinklers.
Key Principals of the financing are Howe Investments II, LLC, George Howe and Olympia Investors, LLC. The property is operated by Integral Senior Living Management Group, which currently has 19 senior housing communities under management in six states.
Casey N. Moore, Managing Director of Red Mortgage Capital, Inc., stated, "We are pleased to have had the opportunity to work with Integral Senior Living and its investors as new clients for RMC and Fannie Mae. We appreciate the high level of professionalism and effort from Integral's principals and staff in working this deal to a successful and timely completion."
