News - 2008
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080526
Red Mortgage Capital Provides $250 Million Fannie Mae Master Credit Facility for Klingbeil Multifamily Fund VII, LLC.
Columbus, Ohio, October 6, 2008 — Red Mortgage Capital, Inc., one of the nation’s leading Fannie Mae DUS® lenders and the mortgage banking engine of comprehensive capital provider RED CAPITAL GROUP, recently provided a $250,000,000 Fannie Mae Master Credit Facility ("Fannie Mae Facility") comprising long term fixed and floating rate debt to Klingbeil Multifamily Fund VII, LLC ("KMF VII").
To date, $131,696,500 has been drawn under the Fannie Mae Facility providing acquisition financing for eight KMF VII assets within a six month period. The assets are concentrated in California and one in Maryland. The initial draw, $18,909,000, provided financing for Orchard Ridge (77 units) and Sequoia Glen (114 units), both of which are located in San Jose, California. Subsequent fundings included $18,875,000 for a portfolio of three assets in San Diego, California: Park East (56 units), San Carlos Townhomes (65 units), and Villa de Flores (90 units). Additional fundings included $54,750,000 for Avalon at Foxchase (396 units) located in San Jose, California and $16,737,500 for Avalon Landing (158 units) located in Annapolis, Maryland. The most recent funding was $22,425,000 of financing for Camden Village (192 units) located in Fremont, California.
This is the fourth Fannie Mae Master Credit Facility RED has provided Klingbeil Multifamily Funds, with another on the launching pad.
Mark C. Beisler, Chief Executive Officer of Red Mortgage Capital, Inc. observes, "This execution and the $3 Billion RED has closed over the past year demonstrate there is no shortage of attractively priced capital for quality communities owned by quality borrowers. Our Fannie Mae executions allow us to deliver the most predictable and efficient debt in the market for soundly undertaken transactions. RED takes pride in delivering to its customers the same reliability they deliver to us."
