News - 2008
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080483
$8.7 Million Fannie Mae DUS® Fixed Rate Financing Provided for Assisted Living/Alzheimer’s Community in Central Ohio
Chapel Grove Inn
Heath, Ohio
Columbus, Ohio, August 13, 2008 — Red Mortgage Capital, Inc., one of the nation’s top Fannie Mae DUS® seniors housing lenders and the mortgage banking arm of comprehensive capital provider RED CAPITAL GROUP, recently provided permanent mortgage financing for Chapel Grove Inn, located in Heath, Ohio.
Chapel Grove Inn was constructed in 2003 on 5.962 acres situated approximately 40 miles east of Columbus, Ohio. The facility consists of 91 studio and one-bedroom units. The facility operates as an Assisted Living/Alzheimer’s community and is licensed for 112 beds.
Red Mortgage Capital provided the permanent financing for the property in the form of an $8,750,000 Fannie Mae DUS fixed rate mortgage loan with a term of seven years.
The Jerry McClain Company, developer and part owner of Chapel Grove Inn, was established in 1966 by Jerry McClain. The company has been developing and operating high quality assisted living facilities in Ohio for over twenty years.
Christian R. Mauger, Senior Managing Director of Red Mortgage Capital, Inc. said, "We are pleased to continue growing our relationship with Jerry McClain and his team. Chapel Grove Inn is an exceptional facility from both a physical plant and quality of care perspective and is the premier facility in its market."
