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RED Finances $72 Million FHA Insured Sub Rehab Loan For Aimco Apartment Community In San Francisco Area(January 31, 2012)
Columbus, OH (PRWEB) January 31, 2012
Red Mortgage Capital, LLC, the mortgage banking arm of comprehensive capital provider RED CAPITAL GROUP, LLC announced it processed and funded a $72,240,400 FHA Section 221(d)(4) insured mortgage loan that will provide for the rehabilitation and permanent financing on a 308-unit multifamily property located in San Bruno, California, approximately ten miles south of San Francisco.
Pacific Bay Vistas, as the property will be named, originally was constructed circa 1984 and then acquired by Aimco as part of a previous large portfolio acquisition. Proceeds of the FHA financing will be used to undertake a substantial rehabilitation of the property, which is located on the highest residential hill in San Bruno in a predominantly residential section and has both San Francisco Bay and Pacific Ocean views. The rehab work will include new wall and ceiling insulation, replacing all exterior siding, new kitchen layouts including energy star appliances, and the addition of dual pane windows. Common amenity improvements will include a fitness center, clubhouse and theater, indoor pool, outdoor covered and heated lounge with fireplace, a fenced dog park and a sustainable, drought-tolerant landscaping design.
Anthony D. Cinquini, Senior Managing Director and lead banker for Red said, Everyone involved with the financing did an incredible job to deliver the most efficient financing for Aimco. As a result of the financing, the borrower secured a very attractive, fixed rate loan which covers both the rehab and the permanent financing phases, is non-recourse and once converted to the permanent phase will fully amortize over 40 years. The community in San Bruno will gain an attractive source of safe, quality and expertly-managed housing ideally located for families and individuals with its close proximity to schools, jobs and the City of San Francisco.
Mr. Cinquini added, Support for this project from HUD San Francisco and, because of the loan size, HUD in Washington DC, demonstrates their commitment to redevelopment and creating a beneficial asset for the local community.
Founded in 1975 and headquartered in Denver, Colorado, Aimco is a real estate investment trust (REIT) that engages in the acquisition, ownership, management, and redevelopment of apartment properties. The company rents and leases its apartment units to a diverse base of residents. It also provides management services to third-party owners. As of September 30, 2011, Aimco owned or managed a real estate portfolio of 565 apartment properties containing approximately 100,000 apartment units located in 38 states, the District of Columbia, and Puerto Rico.
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 nations 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 nations premier provider of capital across the spectrum of multifamily, affordable and seniors housing and health care asset classes.
About RED CAPITAL GROUP, LLC
RED CAPITAL GROUP, through three operating companies, provides integrated debt and equity capital to the multifamily, student and seniors housing, and health care industries. Red Mortgage Capital, LLC is: a leading Fannie Mae DUS® lender for both Multifamily and Seniors Housing; one of the nation's most active FHA Multifamily/Seniors lenders (MAP- and LEAN-Approved); a national Freddie Mac Seniors Housing Seller/Servicer; an active financier of Critical Access, community and rural hospitals; and services nearly $15 billion of income property mortgage loans. Red Capital Markets, LLC (MEMBER FINRA/SIPC) is: a leader in the trading and distribution of Fannie Mae and Ginnie Mae Project MBS; an active underwriter of developer-driven multifamily housing bonds; and also is remarketing agent for $1.4 billion in variable rate demand tax-exempt and taxable housing and health care bonds. Red Capital Partners, LLC delivers proprietary debt and equity to the multifamily and health care industries and provides asset management services for REDs proprietary debt and equity investments.
RED CAPITAL GROUP is headquartered in Columbus, Ohio, employs approximately 200 people and maintains nine offices nationwide. Since 1990, the bankers of RED CAPITAL GROUP have provided over $52 billion in taxable and tax-exempt first mortgage debt, mezzanine level capital and equity to multifamily, seniors housing, health care, and other real estate properties nationwide. RED CAPITAL GROUP is a subsidiary of ORIX USA Corporation.
About Our Parent ORIX USA Corporation
ORIX USA Corporation (http://www.orix.com) is the U.S. subsidiary of ORIX Corporation, a publicly-owned Tokyo-based international financial services company established in 1964. ORIX Corporation is listed on the Tokyo (8591) and New York (NYSE:IX) stock exchanges. ORIX USA Corporation is a diversified corporate lender, finance company, and advisory service provider with more than $6 billion in assets and an extensive portfolio of credit products and advisory services. ORIX USA is headquartered in Dallas, Texas and has approximately 1,400 employees worldwide.
Red Mortgage Capital, LLC is a licensed FHA MAP and FHA LEAN lender.
DUS® is a registered trademark of Fannie Mae.
Read the full story at http://www.prweb.com/releases/redmortgagecapital/aimco-fha221d4/prweb9151882.htm.
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