News - 2009
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January 30,2009
080557
Red Provides Construction Take Out Financing for Phase One of Scenic Village Apartments
Scenic Village Apartments Webster, New York
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 $6,700,000 of Fannie Mae DUS Fixed+1™ financing for a 60-unit two-bedroom/two-bathroom apartment community for which its parent company, National City Bank had provided construction financing.
Scenic Village Apartments is Class A property located in the City of Webster, New York, which is 15 miles northeast of Rochester, and is situated on 6.8 acres of land adjacent to North Pond Park. Upon completion of all three phases, the project will comprise a total of 176 units.
The project was developed by Frumusa Enterprises, LLC. Larry Frumusa, Key Principal in the transaction representing the Borrower/Manager of the property said, "As a result of the positive relationship developed between my company and Red, I have been able to offer great projects to the Rochester, NY area that will enhance the communities I build in. The national exposure, expertise and skills provided by Red was instrumental in the close of phase one construction for my multi-million dollar project."
Lee F. McNeer, Vice President of Red Mortgage Capital, Inc., who also served as lead banker for the refinancing, commented, "RED very much appreciated the opportunity to work with Frumusa Enterprises, Fannie Mae and our parent company, National City, to provide nearly seamless construction loan take-out financing. We were able to secure financing approvals inside of three weeks and we utilized a financing structure that maximized proceeds yet minimized the rate during the fixed portion of the six year loan term. The loan has an option in the seventh year for a variable rate."
