News - 2008
Red Mortgage Capital Provides Fannie Mae DUS® Refinance Loan To Columbus Housing Partnership
Grove City, Ohio
Columbus, Ohio, April 18, 2008 — Red Mortgage Capital, Inc., one of the nation’s leading Fannie Mae DUS® lenders and the mortgage banking arm of comprehensive capital provider RED CAPITAL GROUP, recently provided $1,800,000 in Fannie Mae DUS financing for Parkmead Apartments in Grove City, Ohio.
Parkmead Apartments is an expiring affordable property that will transition to market rate over a three-year period. During this time, rents on units occupied by the remaining LIHTC tenants will not be raised.
Amy Klaben, President/CEO of Columbus Housing Partnership, said, "The refinance of Parkmead Apartments was very smooth and efficient. Red Capital worked well with us under a tight deadline and a few unusual circumstances to make this work for us while keeping our overall mission in mind of providing safe, decent and affordable housing. A special thanks to Lee McNeer for keeping the process moving forward and working on our behalf."
Lee McNeer, Vice President of Red Mortgage Capital, Inc., stated, "RED was able to work with Columbus Housing Partnership to refinance a maturing loan during a challenging economic environment. Proceeds from the loan will help CHP continue its mission of providing affordable housing to low to moderate income households throughout Columbus and surrounding areas. We look forward to working with CHP again in the future."