News - 2009
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January 30, 2009
080668
RED Provides Fannie Mae DUS® Refinancing for Pool of Three Independent and Assisted Living Facilities
Properties Located in Ohio and West Virginia
The Madison
London, Ohio
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 $29,960,000 of Fannie Mae DUS first mortgage loans to refinance existing debt for three independent and assisted living facilities owned by Chancellor Health Partners, Inc.
The Madison, located in London, Ohio, is a 78-unit independent and assisted living facility that was constructed in 1997 and expanded in 2003. The Lindley Inn, located in Athens, Ohio, is a 48-unit assisted living facility that was constructed in 1999. The Villages at Greystone, located in Beckley, West Virginia, is a 114-unit independent and assisted living facility that was constructed in 1998 and expanded in 2003.
Chancellor Health Partners, Inc., headquartered in Columbus, Ohio, develops, owns, and operates properties that provide seniors with housing and health care options.
Daryl D. McCombs, Director of Red Mortgage Capital, Inc., said, "It was a pleasure to assist Chancellor Health Partners in obtaining non-recourse, fixed rate financing. While the economic uncertainty and volatility added several layers of complexity to the process, the patience and tenacity of the company's principals allowed us to achieve a favorable rate and closing with Fannie Mae. I look forward to our next transaction with Chancellor."
The Lindley Inn
Athens, Ohio
The Villages at Greystone
Beckley, West Virginia
