News - 2008
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RED Provides Financing with Extended Rate Lock for $10.5 Million Atria Senior Living Facility in Knoxville, Tennessee
Atria Weston Place
Knoxville, Tennessee
Columbus, Ohio, October 16, 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 Fannie Mae DUS Extended Rate Lock permanent financing in the amount of $10,550,000 on an assisted living facility owned and operated by Atria Senior Living Group, Inc. ("Atria").
Atria Weston Place is a one-story building consisting of 86 assisted living units. Common amenities include a reception area, executive dining room, two resident dining rooms, entertainment room, ice cream parlor, memory care unit sitting room, laundry room, beauty salon and common area restrooms.
Red Mortgage Capital provided an 8-month Extended Rate Lock commitment. The loan enabled Atria to retire its existing HUD loan, which opened to prepayment in September, 2008. Red has worked with Atria since 2001 providing Fannie Mae DUS first mortgage loans and Fannie Mae DUS supplemental loans, as well as interim/bridge financing solutions.
Atria Senior Living Group is one of the nation’s largest providers of senior-living services. With more than 120 retirement and assisted living communities, Atria is committed to providing quality care for seniors in an environment that promotes dignity and independence.
