Red Mortgage Capital, LLC: Provides $13 million in FHA financing for Wisconsin multifamily property
Red Mortgage Capital, LLC, the mortgage banking arm of comprehensive capital provider, RED CAPITAL GROUP, recently processed, funded and will service a $13,387,500 FHA 223(f) financing for Hawks Ridge Apartments, a 193-unit property located in Beloit, Wisconsin, owned by Teronomy Builders, Inc. of Elkhorn, Wisconsin.
Thomas L. Larson, Chief Financial Officer of Teronomy Builders, Inc. said, “Hawks Ridge Apartments, LLC recently closed our first FHA-insured loan through Red Mortgage Capital. Although this was a complex transaction, Red Capital and their competent staff were able to guide us each and every step of the way. Red's ability to secure a very low interest rate for long term financing will help ensure the continued success of Hawks Ridge Apartments.”
John K. Powell, Senior Managing Director of RED CAPITAL GROUP, stated “Red was pleased to work with Teronomy Builders to successfully address their financing needs and looks forward to working together on future transactions.”
Red Mortgage Capital, LLC is the nation’s Top Overall FHA Lender (Multifamily & Health Care) by total number of transactions completed in HUD’s Fiscal Year 2010 and has closed more FHA LEAN transactions than any other lender since inception of the program in 2008. With a separate, fully staffed underwriting platform and a dedicated group of expert bankers, RED is committed to being the nation’s premier provider of capital across the spectrum of projects ranging from multifamily and seniors properties to student housing.
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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/MAP lender, the nation’s most active FHA Health Care/LEAN lender, and a leading financier of Critical Access, community and rural hospitals. Red Mortgage Capital, LLC services approximately $13.5 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, the underwriting of developer-driven multifamily housing bonds, the syndication of low income housing tax credits and is remarketing agent for $1.5 billion in variable rate demand tax-exempt and taxable housing and health care bonds. Red Capital Advisors, LLC delivers proprietary debt and equity to the multifamily and health care industries and provides asset management services for RED’s proprietary debt and equity investments.
RED CAPITAL GROUP is headquartered in Columbus, Ohio, employs more than 200 people and maintains nine 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.
Red Mortgage Capital, LLC is a licensed FHA MAP and FHA LEAN lender.
DUS® is a registered trademark of Fannie Mae.
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For more information on these transactions, please contact:
RED CAPITAL GROUP
John K. Powell, Senior Managing Director
For more information on RED CAPITAL GROUP, please contact:
RED CAPITAL GROUP
Linda L. Mackov, Senior Managing Director