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MFH-122811 01.26.12
Red Mortgage Capital Provides $15 Million Loan Using Fannie Mae’s ARM 7-6™ Product
Floating Rate Benefits Texas Multifamily Project
COLUMBUS, OH – Red Mortgage Capital, LLC, the mortgage banking arm of comprehensive capital provider RED CAPITAL GROUP, LLC provided a $14,968,000 Fannie Mae DUS® loan for the acquisition/refinance of The Park at Fox Trails, a 286-unit apartment property located in Plano, Texas in the northeast quadrant of the Dallas/Fort Worth metroplex.
The non-recourse financing was structured with the ARM 7-6 product, which offers variable rate financing with an embedded cap and an option to convert to a fixed rate mortgage loan with no prepayment premium at any time beginning on the first day of the second loan year and ending on the first day of the sixth loan year. Conversion requires minimal re-underwriting and although the loan amount may not be increased at conversion, supplemental mortgage financing may be requested at that time. The sponsor of the borrowing entity for The Park at Fox Trails is Trade Street Property Fund I, LP, a private investment fund with ownership in 9 other multifamily assets.
Operating nationwide since its inception in 1990, RED CAPITAL GROUP, LLC is recognized for its industry expertise, innovative and comprehensive structures, and consistently high lender rankings. Red Mortgage Capital, LLC is one of the nation’s top three FHA lenders for overall Multifamily/LEAN experience, having closed more than 100 transactions totaling nearly $1.2 billion during HUD FY2011, and also is an active Fannie Mae DUS® lender for both multifamily and seniors and an approved Freddie Mac Seller/Servicer for Seniors on a national platform.
RED CAPITAL GROUP, LLC is committed to being the nation’s premier provider of capital across the spectrum of multifamily, affordable and seniors housing and health care asset classes.
For more information, contact:
RED CAPITAL GROUP
Linda L. Mackov,
Senior Managing Director
(614) 857-1404
llmackov@redcapitalgroup.com
For more information on this transaction, please contact:
Red Mortgage Capital, LLC
Lee F. McNeer
Director
Charlotte, NC
(704) 496-2647
lfmcneer@redcapitalgroup.com
