News - 2008
2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005
080236
RED Provides $12 Million in Fannie Mae DUS® for Three Seniors Housing Facilities in the State of Washington
Properties Owned and Operated by JEA Senior Living
Columbus, Ohio, August 5, 2008 — Red Mortgage Capital, Inc., one of the nation’s top Fannie Mae DUS® seniors housing lender and the mortgage banking arm of comprehensive capital provider RED CAPITAL GROUP, provided a $12,376,000 Fannie Mae DUS® permanent loan for the refinancing of three seniors housing facilities.
Calloway Gardens, constructed in 1997, is located in Kennewick, Washington and contains 30 semi-private and private memory care units. Tri-Cities Retirement Inn, constructed in 1975, is located in Pasco, Washington and offers 79 independent, assisted and memory care units. Royal Columbian Retirement Inn, constructed in 1987, is located in Kennewick, Washington and has 104 independent and assisted living units.
Proceeds from the loan are being used to consolidate ownership within JEA Senior Living plus provide for capital improvements at Tri-Cities and Royal Columbian. Due to the strong operating experience of JEA Senior Living, Red was able to include Calloway Gardens, a free standing memory care facility, in the loan pool. This is one of the first loans on a memory care facility for Red and Fannie Mae and they were able to meet a defined timeline for closing. Previously in a separate transaction with Fannie Mae, Red had financed another 5-property pool of memory care facilities.
JEA Senior Living is a privately owned and operated management and development company based in Vancouver, Washington. Over the last 20 years, JEA has developed, owned and managed over 30 care centers. Currently JEA owns and/or operates 18 facilities in 6 states.
Casey N. Moore, Managing Director of Red Mortgage Capital, Inc., stated, "Red is pleased to have had the opportunity to work with JEA Senior Living, a significant regional operator in the senior housing industry. We appreciate the high level of professionalism and effort from JEA’s principals and staff in working this deal to a successful completion."
