Columbus, Ohio-based Red Mortgage Capital, LLC provided permanent financing for three assisted-living senior communities in north-central Ohio. To do this, the company used FHA Section 232/223(f) mortgage insurance and Ginnie Mae Mortgage Backed Securities.
The FHA-insured loans paid off interim financing that related entity Red Capital Partners, LLC had provided to facilitate acquisition of the properties by New York City-based Premier Senior Living, LLC, a privately-owned owner/operator of seniors housing.
Three FHA LEAN loans totaling $19.9 million were funded respectively for The Inn at Fountain Park in Bryan, Ohio; The Inn at Westbrook in Upper Sandusky, Ohio; and The Inn at Orchard Park in Bucyrus, Ohio. The 35-year fully amortizing loans are non-recourse. Each carries a highly attractive fixed interest rate for the term of the financing.
The Ohio loans are the first to close in a pipeline of transactions nationwide where RED is providing experienced owners with proprietary capital on an interim basis and arranging the permanent Agency financing.