News - 2008
2009 | 2008 | 2007 | 2006 | 2005
080489
RED Provides TLC Management, Inc. with a Comprehensive Financing Solution for the Construction of a Senior Living Community in Florida
Columbus, Ohio, August 14, 2008 — Red Mortgage Capital, Inc., the mortgage banking arm of comprehensive capital provider, RED CAPITAL GROUP, recently provided $14,250,000 in new construction financing for Vienna Square Senior Living Community and $6,700,000 in first mortgage interim financing for Mason Health Care Center.
Vienna Square Senior Living Community will be a 120-bed skilled nursing and 34-unit assisted living facility located in Winter Haven, Florida. This property will be located adjacent to a 55+ active adult community developed by the Sponsor that includes single-family homes and maintenance-free villa units. The active adult community also features a clubhouse, movie theater, spa and tennis courts. The addition of the skilled nursing and assisted living units improves the overall marketability of the development by creating a continuum of care development where seniors can age in place.
In conjunction with the construction financing, RED provided interim financing for Mason Health Care Center, a stabilized 115-bed skilled nursing facility located in Warsaw, Indiana. Mason Health Care is a very successful facility that is located adjacent to the Kosciusko Community Hospital. This facility was constructed in 1985 with an addition in 2004.
TLC Management, Inc., headquartered in Marion, Indiana, was founded by Gary L. Ott in 1987. TLC manages eighteen senior housing facilities throughout Indiana.
James F. Sherman, Senior Managing Director of Red Mortgage Capital, Inc., stated, "We are extremely pleased to structure and provide the construction financing for the Vienna Square project. When completed, the facility will be part of a retirement campus that will provide a continuum of care setting for Winter Haven seniors. TLC Management, Inc. has had a very strong operating history, and we are confident that they will develop an outstanding health care community."
