News - 2009
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January 30, 2009
080621
Red Provides $37.5 Million Fannie Mae DUS® Financings With Early Rate Lock For The Randall Group
Creekside Village Apartments
Eugene, Oregon
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 structured a Fannie Mae DUS Refinancing and Acquisition Financing for properties in Oregon and California.
Red Mortgage Capital structured a $12,800,000 refinancing of an existing RMC/Fannie Mae loan that was provided in 2003 for Creekside Village Apartments, located in Eugene, Oregon. The new loan has a seven year term and an initial 2-year interest-only period. Creekside Village, constructed in 1996, is a 186-unit apartment community with 23 two- and three-story buildings located on 9.3 acres and is located in close proximity to Oregon State University.
Red Mortgage Capital structured fixed-rate acquisition financing in the amount of $14,800,000 for Canterbury Downs of Roseville, California and $9,960,000 for Rocklin Gold of Rocklin, California. Each has as 7 year term and features an initial 2-year interest-only period. Canterbury Downs was constructed in 1993 and is comprised of 16 two-story apartment buildings containing 173 units. Rocklin Gold was constructed in 1990 and is comprised of nine two-story apartment buildings containing 121 units and a one-story leasing center/clubhouse. The subject properties are located 15 and 23 miles, respectively, northeast of Sacramento.
The Randall Group, owner and manager of the properties, was created by Marcia and Robert Randall after they purchased their first property in 1960. The Randall’s built over 25,000 apartment units and other real estate properties. Their belief in process management and continual improvement
created the strong management structure that remains the driving force behind the company’s operations today.
David L. Goodman, Chairman of Red Mortgage Capital, Inc., commented, "As always, it has been a pleasure to work with the folks at The Randall Group and at Fannie Mae and we look forward to our next transaction with them."
Canterbury Downs
Roseville, California
Rocklin Gold
Rocklin, California
