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RED Structures Refinances on Three Midwest Seniors Housing Communities, $13,717,500 of FHA Loans Replace Prior Bond Financings(August 10, 2011)
Indianapolis, Greensburg & Westfield, Indiana (PRWEB) August 10, 2011
Red Mortgage Capital, LLC, the mortgage banking arm of comprehensive capital provider, RED CAPITAL GROUP and the nations most active FHA MAP/LEAN Lender, is pleased to announce recent loan refinances for a trio of seniors housing communities in Indiana. Three separate loan applications were processed to secure non-recourse FHA insured financing in the amounts of $2,252,500 for Home Place, a 60-unit age-restricted community located in Indianapolis; $3,815,000 for Sanders Glen, a 111-unit licensed assisted living community located in Westfield; and $7,650,000 for Morning Breeze, an 18-unit independent living/30-unit licensed assisted living/48-unit skilled nursing facility located in Greensburg.
The financings were completed for American Eagle LifeCare Corporation (American Eagle), a 501(c)(3) non-profit corporation organized and operating exclusively for public charitable purposes including acquiring, owning, maintaining and operating nursing homes, hospitals, assisted living, senior living and related facilities providing health care and other services to the elderly and infirm.
American Eagle originally had acquired the three communities in 2005 using tax-exempt and taxable bond proceeds totaling $13,855,000 and subordinate tax-exempt bonds in the amount of $3,195,000. As a result of the recent refinancing, the prior bonds were paid off and replaced by the long term FHA debt. Sanders Glen and Morning Breeze were financed through the FHA LEAN program utilizing Section 232/223(f) mortgage insurance. Home Place was financed through the HUD Indianapolis office using FHAs Section 223(f) mortgage insurance program. All three applications were processed individually and closed simultaneously so that new loan proceeds could pay off the cross-collateralized bond mortgage that had been in place.
Scott Kellman, CEO of American Eagle Lifecare Corporation stated, American Eagle greatly values its relationship with Red Capital. This very complex transaction was successfully completed with unparalleled professionalism by Red. Three separate applications needed to be synchronized to close simultaneously to repay our existing bond issue. Don Husi and the entire Red Capital team managed this process seamlessly to provide American Eagle with sub-4.5% thirty year financing on the properties.
Don Husi, Managing Director of Red Mortgage Capital, LLC who led the refinancing said, It was a pleasure working again with American Eagle, this being our third transaction to date, to refinance the existing high rate senior and subordinate bonds for these properties. American Eagle is an outstanding non-profit owner and operator and the FHA transactions allowed them to lock in long term debt at a much lower rate than they were currently paying in connection with the bonds. The financings also provided additional funds for repairs and reserves to ensure the properties remain financially viable over the term of the new loans.
Operating nationwide since its inception in 1990, RED CAPITAL GROUP, LLC is often recognized for its industry expertise, innovative and comprehensive structures, and consistently high lender rankings, such as having closed more FHA Multifamily & Healthcare loans during HUD FY-2010 than any other lender and also having been the nations top Fannie Mae DUS lender for both multifamily and seniors. Red Mortgage Capital, LLCs national Freddie Mac Seller/Servicer for Seniors designation, announced April 2011, rounds out the agency platform while structuring equity and subordinate debt investments for senior living further complements the firms capabilities.
RED CAPITAL GROUP, LLC is committed to being the nations premier provider of capital across the spectrum of asset classes.
About RED CAPITAL GROUP, LLC
RED CAPITAL GROUP, through three operating companies, provides debt and equity capital to the multifamily, student and seniors housing, and health care industries. Red Mortgage Capital, LLC is a top Fannie Mae DUS® lender for both Multifamily and Seniors Housing, the nation's most active FHA Multifamily/Seniors lender (MAP- and LEAN-Approved), a national Freddie Mac Seniors Housing Seller/Servicer, an active financier of Critical Access, community and rural hospitals, and services approximately $14 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 GNMA Project MBS and the underwriting of developer-driven multifamily housing bonds, and is remarketing agent for $1.5 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 more than 200 and maintains ten offices nationwide. Since 1990, the bankers of RED CAPITAL GROUP have provided over $46 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 Company ORIX USA Corporation
ORIX USA Corporation (http://www.orix.com), the U.S. subsidiary of ORIX Corporation, is a diversified corporate lender, finance company, and advisory service provider with more than $5 billion in assets and an extensive portfolio of credit products and advisory services. ORIX USA is headquartered in Dallas, Texas and has approximately 1,200 employees worldwide.
About ORIX Corporation
ORIX Corporation (http://www.orix.co.jp/grp/en/index.html) was established in Japan in 1964 as Orient Leasing Company and today has diversified and expanded into a publicly-owned, multifaceted multinational financial services organization with assets of over $100 billion. ORIX Corporation is listed on the Tokyo (8591) and New York (IX) Stock Exchanges and operates in 27 countries worldwide providing a full range of financial services including Corporate Finance, Leasing, Real Estate Finance, Asset Management and Investment Banking.
Red Mortgage Capital, LLC is a licensed FHA MAP and FHA LEAN lender.
DUS® is a registered trademark of Fannie Mae.
For more information on this transaction, please contact:
Red Capital Markets, LLC
Donald L. Husi, Managing Director
For more information on RED CAPITAL GROUP, LLC please contact:
Linda L. Mackov, Senior Managing Director
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Read the full story at http://www.prweb.com/releases/RedCapitalGroup/FHAInsuredSeniorLivLEAN/prweb8708465.htm.
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