News - 2008
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RED Provides $39.5 Million Fannie Mae DUS® Financing for Seniors Community in Spokane, Washington
Waterford on South Hill
Spokane, Washington
Columbus, Ohio, September 11, 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, arranged a Fannie Mae DUS mortgage loan for Touchmark, parent company of Waterford on South Hill.
Located in Spokane, Washington, Waterford on South Hill is a full-service retirement community consisting of 294 cottages and apartments and services that include independent living, assisted living, memory care, and skilled nursing.
Red Mortgage Capital, Inc. provided $39,527,000 in Fannie Mae DUS permanent financing. Fifty-eight of the 60 cottages include a resident entrance fee agreement plan, which posed a unique structure for RED. Despite this new opportunity, RED was able to meet the borrower’s 45-day time frame to close.
Touchmark has more than 27 years of experience and currently owns and operates 11 communities in eight states and one in Canada.
Casey N. Moore, Director of Red Mortgage Capital, Inc., stated, "Red is pleased to have had the first-time opportunity to work with Touchmark, a significant regional operator in the senior housing industry, on this Fannie Mae financing. Because of a finite window on closing, it took close coordination between Touchmark and Red to meet the time frame. We appreciate the level of dedication by Touchmark's deal team in helping to make this work. We look forward to bringing other quality Touchmark communities to Red and Fannie Mae for future financings."
