News - 2008
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080277
Red Provides $9.3 Million in Fannie Mae DUS® Refinancing for Canton, Michigan Multifamily Property
Bainbridge Park Apartments
Canton, Michigan
Columbus, Ohio, August 5, 2008 — Red Mortgage Capital, Inc., one of the nation’s top ranked Fannie Mae DUS® lenders, and the mortgage banking arm of comprehensive capital provider RED CAPITAL GROUP, recently structured and funded Fannie Mae financing for National City Bank customers Jacobson Brothers and The JAR Group.
Bainbridge Park Apartments consists of 8 two-story garden style apartment buildings, containing 162 units. An adjacent condominium phase includes an additional 48 for-sale units. RED was able to structure a deal that allowed the sponsors to refinance the apartment portion of the site while leaving the for-sale portion intact.
Red Mortgage Capital, Inc. provided $9,375,000 in competitively priced Fannie Mae fixed-rate, non-recourse financing proceeds on the multifamily portion, which carries a 7-year term and 30-year amortization schedule. Shared property amenities include a clubhouse with fitness facility and pool. The site is located in close proximity to various retail, residential and recreational uses, and enjoys a submarket which continues to see additional commercial growth and development.
Jacobson Brothers and The JAR Group are two family owned, full service real estate companies who blend their strengths together as owner/developer/managers to provide great places to live and do business. Headquartered in suburban Detroit, Michigan, Jacobson Brothers and The JAR Group are highly experienced in rental real estate. Bainbridge Park is one of several apartment projects owned by one or both of the companies in the greater Detroit area. www.jacobsonjar.com
Howard Jacobson, a founding partner of Jacobson Brothers, commented, "Bainbridge presented a complicated situation: a condo project that we needed to reposition. RED was able to get the job done in spite of the inherent complexities."
Ryan R. Duling, Assistant Vice President of Red Mortgage Capital, Inc., stated, "This opportunity allowed RED to develop a new relationship with highly respected and experienced sponsors, ultimately resulting in an execution that was beneficial for all parties involved." David Drouillard, Vice President of National City Bank in Troy, Michigan, made the introduction to RED. He added, "The National City family of companies offers a wide variety of capital solutions and we are pleased to extend this added value to our customers, providing options that meet their needs."
