News - 2008
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Red Provides $24.8 Million Interim Financing to G&E Healthcare REIT Senior Care Portfolio 1, LLC for the Acquisition of a 6-Property Seniors Pool
730 Skilled and Assisted Living Beds in Texas and California
Columbus, Ohio, November 3, 2008 — Red Mortgage Capital, Inc., mortgage banking arm of comprehensive capital provider RED CAPITAL GROUP and the nation’s top Fannie Mae DUS® seniors housing lender in the past several years, recently completed a transaction for a subsidiary of the Grubb & Ellis Healthcare REIT, Inc. to acquire five skilled nursing facilities and one assisted living community in Texas and California.
Red Mortgage Capital, Inc. was engaged to provide up to $24,800,000 in first mortgage financing to facilitate the acquisition of the project by G&E Healthcare REIT Senior Care Portfolio 1, LLC ("G&E Healthcare REIT"). The interim financing provided by Red Mortgage Capital, Inc. as a portfolio loan carries a floating interest rate and is subject to a 12 month extension at the end of the initial 24 month term.
G&E Healthcare REIT has assumed the operating leases currently in place with the operators of the communities, Southwest LTC, Inc. and North American Health Care Inc., for the properties in Texas and California, respectively. Grubb & Ellis Healthcare REIT, Inc. was formed in 2006 to invest in medical office buildings and healthcare related facilities. It is sponsored by Grubb & Ellis Company (NYSE: GBE), a highly successful and experienced real estate service and investment management firm with more than 130 offices worldwide.
Don L. Husi, Director of Red Mortgage Capital, Inc. and member of RED’s Seniors Housing Finance Group said, "Red and the Grubb & Ellis team worked diligently together to identify and negotiate solutions for this complex financing. As a result, we delivered an efficient execution."
