Columbus, Ohio-based Red Mortgage Capital, LLC, recently closed a $9.3 million FHA 232 new construction loan for Orchard Park of Kyle in Kyle, Texas.
The 97-bed project will consist of a single-story, 62,500-square-foot facility providing assisted living and memory care services. Located in the growing city of Kyle about 20 miles south of Austin, Texas, the project will be built on a five-acre site within the Plum Creek master-planned development, in close proximity to complementary residential developments and within one mile of the Seton Medical Center campus. The facility is scheduled to open in late 2013.
The FHA 232 financing was completed at historically low interest rates and provides a non-recourse, fixed-rate construction and permanent loan that will fully amortize over 40 years after the project’s completion. The FHA 232 program is an attractive option for developers of assisted living and skilled nursing facilities, and RED has been active in several similar projects as part of its record-setting year of FHA lending.
