News - 2009
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January 30, 2009
080606
Red Provides $5.1 Million FHA 232/223(f) Refinancing for Lutheran Social Services of Central Ohio
Lutheran Village of Ashland, Ashland, Ohio
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 $5,125,000 FHA 232/223(f) refinancing for Lutheran Village of Ashland. The financing created sufficient funds for repairs and replacement reserves needed to maintain the quality of the facility for years to come and allowed Lutheran Social Services of Central Ohio to expand its mission of serving those in need in its communities.
Lutheran Village of Ashland (Ashland, Ohio) is a 48-unit assisted living facility that was constructed in 2000 on a 10.3 acre parcel of land. Typical assisted living amenities and services are offered, with different levels of service available that include medication oversight, bathing assistance, cognitive assistance and assistance with toileting, mobility, dressing and grooming. The facility is managed by its sponsor, Lutheran Social Services of Central Ohio.
Lutheran Social Services of Central Ohio is a non-profit organization that was organized in 1912. Each day it helps thousands of people in need throughout 39 Ohio counties by addressing the four core societal issues of hunger, housing, healing and hope.
Tracy W. Peters, Managing Director of RED CAPITAL GROUP, stated, "Lutheran Social Services recognizes that it has a valuable asset in Lutheran Village of Ashland. We were able to work with them to structure a refinancing to pay down other secondary debt and at the same time put a more- favorable financing structure in place than what had previously been on the property. We are very proud to work with an organization like Lutheran Social Services that has demonstrated its commitment to serve and improve its communities."
