News - 2010
RED Provides $21.8 Million FHA LEAN Financing for Three Midwest Properties
Red Mortgage Capital, LLC, the mortgage banking arm of comprehensive capital provider, RED CAPITAL GROUP, recently processed, funded and will service FHA LEAN Section 232/223(f) loans for three independent living, assisted living and memory care seniors communities owned by a private owner/developer in South Bend, Indiana. The transaction financings and properties included:
- $8,804,200 for Brentwood at Hobart, a 116-unit assisted living and memory care facility located in Hobart, Indiana.
- $9,766,900 for Brentwood at LaPorte, a 124-unit independent living, assisted living and memory care facility located in LaPorte, Indiana.
- $3,315,000 for Brentwood at Niles, a 67-unit assisted living facility located in Niles, Michigan.
As a result of refinancing, each of the non-recourse loans now enjoys a low, fixed mortgage rate and a 35-year, fully amortizing term.
Red Mortgage Capital, LLC has closed more FHA LEAN transactions than any other lender since inception of the program in 2008 and is the nation’s Top Overall FHA Lender (Multifamily & Health Care) by total number of transactions completed in HUD’s Fiscal Year 2010. With a separate, fully staffed LEAN underwriting platform and a dedicated group of expert seniors housing and health care bankers, RED is committed to being the nation’s premier provider of capital across the spectrum of projects ranging from Independent Living and Assisted Living through Skilled Care and community Hospitals.