RED Delivers $10.3M for Refinance of Victoria Riverside Townhouse Lofts in New Bedford, MA

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Refinance of historic Whitman Mill redevelopment project provides much needed housing in the New Bedford Harbor area.

Victoria Riverside

This historic property was beautifully redeveloped and their use of renewable energy for the project with the installation of solar panels on the roof, which will help offset common area electrical usage, further enhances its appeal.

RED Mortgage Capital, LLC, the mortgage lending entity of comprehensive capital provider RED CAPITAL GROUP, LLC, with assistance from Jeffrey Rome, the senior member of Capital Access US, LLC, recently completed a Fannie Mae DUS® loan of $10,335,000 for the refinance of Victoria Riverside Townhouse Lofts for Victoria Riverside, LLC. The loan is fixed-rate and non-recourse with payments based upon a 30-year amortization.

Victoria Riverside, LLC utilized a combination of federal and state historic tax credits to fund a portion of the redevelopment of the former Whitman Mill into 101 townhome lofts. Formerly a cotton mill built in 1896 by William Whitman, the building is listed in the National Register of Historic Places. Its rehabilitation has earned the parent company, Acorn Management, the “Sarah R. Delano Preservation Award” for the "Magnificent Rehabilitation” of the property.

“RED was delighted to work with such a well-respected company as Acorn Management on Victoria Riverside. This historic property was beautifully redeveloped and their use of renewable energy for the project with the installation of solar panels on the roof, which will help offset common area electrical usage, further enhances its appeal.” said Ryan Duling of RED.

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About RED CAPITAL GROUP, LLC

Recognized for its industry expertise, innovative and comprehensive structures, and consistently high rankings, RED CAPITAL GROUP, LLC has provided over $55.3 billion of integrated debt and equity capital since 1990 to the seniors housing and health care, multifamily, affordable, and student housing industries through three operating companies. RED Mortgage Capital, LLC is a leading Fannie Mae DUS® and MAP- and Lean-approved FHA lender with a mortgage servicing portfolio of almost $17 billion. RED Capital Markets, LLC (MEMBER FINRA/SIPC) is a leader in the distribution of Fannie Mae and Ginnie Mae Project MBS, and provides structuring, underwriting, placement, and advisory services for tax-exempt and taxable housing and health care bonds. RED Capital Partners, LLC provides proprietary debt and equity solutions, and asset management in a range of forms, including subordinated gap and bridge loans. RED CAPITAL GROUP, LLC is a subsidiary of ORIX USA Corporation.

About ORIX USA Corporation

ORIX USA Corporation is a diversified financial company with approximately $6 billion of assets in sectors spanning commercial finance, venture finance, commercial real estate and public finance, as well as $25 billion of assets managed for others. Operating subsidiaries include Houlihan Lokey, RED CAPITAL GROUP and Mariner Investment Group. Headquartered in Dallas, Texas, ORIX USA and its subsidiaries have more than 1,400 employees and offices in major cities including New York, Los Angeles, London and Tokyo.

ORIX USA is a wholly owned subsidiary of ORIX Corporation, a Tokyo-based, publicly owned international financial services company with operations in 35 countries worldwide. ORIX Corporation is listed on the Tokyo (8591) and New York Stock Exchanges (IX). For more information on ORIX USA, visit http://www.orix.com.

DUS® is a registered trademark of Fannie Mae

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Lisalynne Quinn

Ryan Duling
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