News - 2009
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January 30, 2009
080536
Section 232 FHA New Construction Financing Provided for Two Senior Living Facilities in Indiana
Rittenhouse Senior Living of Michigan City
Red Mortgage Capital, Inc., one of the nation’s top FHA/MAP/LEAN mortgage lenders and the mortgage banking arm of comprehensive capital provider, RED CAPITAL GROUP, recently provided a combined $20,392,000 in FHA Section 232 New Construction financing to developer and owner, Steven L. Garatoni, for the new construction of Rittenhouse Senior Living of Michigan City ($11,560,400) and Rittenhouse Senior Living of Valparaiso ($8,831,900).
Rittenhouse Senior Living of Michigan City, will consist of 66 assisted living, 30 independent living and 34 memory care units. Rittenhouse Senior Living of Valparaiso, will consist of 66 assisted living and 34 memory care units. The assisted living units will be located in one two-story building with the dementia units in a secured wing on the first floor. The assisted living residents will use the main dining area and the dementia residents will have a separate dining room within the secured wing along with their own activity and common space. Each assisted living unit is provided with a full bathroom, kitchenette with a refrigerator and wall-to-wall carpeting. The independent living units will be located in ten separate duplex and quadplex buildings. The independent units will have two bedrooms and two bathrooms and include a one-car attached garage, private patio, washer and dryer, refrigerator and stove. Residents living in the independent units will have access to the services at the assisted living facility.
James F. Croft, Vice Chairman of RED CAPITAL GROUP, stated, "We were pleased once again to be able to meet Mr. Garatoni’s financing needs and are confident that these two developments will meet the high standards that Mr. Garatoni has set for his portfolio of senior living properties."
