RED Capital Partners and RED Mortgage Capital recently closed a $151 million Fannie Mae Credit Facility and a $21 million balance-sheet loan to refinance nine apartment communities for national apartment owner Klingbeil Multifamily Fund IV.
The properties are located in California, Virginia, Indiana and Florida.
The Fannie Mae Credit Facility allowed Klingbeil to capture a reduction in interest rate and monetize equity it had created in the assets. The bridge loan gave the owner the flexibility to market and sell two of the properties.
