News - 2011
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CTP-110050 03.24.11
RED Provides Archstone with $78 Million in Fannie Mae DUS® Financing
Structured ARM Financing Completed in 35 Days
Champion's Park, Thornton, Colorado
RED CAPITAL GROUP (“RED”), one of the nation’s top providers of capital to the multifamily industry through Red Mortgage Capital, LLC, its mortgage financing arm, provided $78.1 million in Fannie Mae Structured ARM financing for three premier multifamily apartment communities, which were acquired recently by Archstone.
RED was able to provide the capital in just 35 days, from the date of engagement to closing. The properties financed include:
- Archstone Desert Harbor in Peoria, Ariz. - $13,100,000 (264 units)
- Archstone Waterford Place in Woodinville, Wash. - $25,000,000 (360 units)
- Champions Park in Thornton, Colo. - $40,000,000 (480 units)
The financing provided the funds necessary for Archstone, which owned a portion of the communities prior to the transaction, to purchase the remaining ownership interest.
Anthony Cinquini stated, “Though we only had a limited time frame to underwrite, process, document and close this deal, we committed ourselves to focus on providing the best possible service with the best possible execution. I’m glad to say we did both and did both well.”
Archstone is one of the nation’s premier apartment companies with a strong national brand. Archstone’s portfolio is concentrated in many of the most desirable neighborhoods in the nation, including Washington DC, Los Angeles, San Diego, San Francisco, New York, Seattle and Boston.
RED CAPITAL GROUP is committed to being the nation’s premier provider of capital across the spectrum of properties inclusive of multifamily housing, affordable housing, student housing, seniors housing and community hospitals. Red became a Fannie Mae DUS® (Delegated Underwriting and Servicing) lender in February 1995, has financed more than $12 billion since, and has grown the business into one of the most respected in the industry. Through its DUS capabilities, RED provides first and second mortgages for apartment, student and seniors housing (assisted living, independent living and skilled care) nationwide. Red is recognized as a DUS program leader in product development and execution.
For more information, contact:
RED CAPITAL GROUP
Linda L. Mackov,
Senior Managing Director
(614) 857-1404
llmackov@redcapitalgroup.com
