News - 2008
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080343
RED Provides $11.9 Million Fixed Rate Fannie Mae Financing for Ashley River Plantation, an Assisted Living Facility Located in Charleston, SC
Ashley River Plantation
Charleston, South Carolina
Columbus, Ohio, August 5, 2008 — Red Mortgage Capital, Inc. one of the nation’s top Fannie Mae DUS® seniors housing lenders, recently provided $11,926,000 in Fannie Mae DUS Early Rate Lock permanent financing for a property owned and operated by a subsidiary of Steven D. Bell & Company through a joint venture with an institutional equity partner.
Ashley River Plantation, developed in two phases in 1999 and 2002, is a 93-unit assisted living and Alzheimer’s care facility. Common areas include several parlors, an activity room, a common dining room, a private dining room and two landscaped courtyards. Amenities include transportation, housekeeping, laundry service, assistance with daily living activities, a beauty shop and scheduled activities. The property offers 24-hour professional staff and is operated by Bell Senior Living, the seniors housing subsidiary of Steven D. Bell & Company.
RED provided a one month Early Rate Lock for the loan which carries a 7-year term and 30-year amortization. This is RED’s third transaction with Steven D. Bell in the past twelve months.
Christian R. Mauger, Senior Managing Director of Red Mortgage Capital, Inc. said, "Since acquiring Ashley River Plantation in 2006, Bell Senior Living has done an excellent job of positioning the property as one of the premier seniors housing facilities in the market. We are pleased to further our relationship with Steven D. Bell & Company and Bell Senior Living and look forward to working with them in the future."
