RED Capital Group Closes $3.5M FHA 232/241(a) Supplemental Loan for Ohio Skilled Nursing Facility Expansion
Columbus, OH (PRWEB) September 02, 2015 -- RED Mortgage Capital, the mortgage banking arm of RED Capital Group, LLC, announced recently they have closed a $3.5M FHA 232/241(a) loan for Woodlands at Hampton Woods, a skilled nursing and assisted living facility located in Poland, Ohio.
The FHA supplemental loan will fund the addition of a new skilled nursing building to the existing 121-bed campus. The project, called The Rehabilitation Center at Hampton Woods, will include 26 private beds designed for short-term rehabilitation care and a 5,000 sq. ft. therapy gym.
RED advised the owner on the development of the facility’s long-term financing plan, which needed to address the refinancing of the existing debt and the financing of the expansion project. RED completed the refinancing of the existing facility utilizing the FHA 232/223(f) program in 2014 as planning was underway for this project, which RED subsequently funded using the FHA 232/241(a) supplemental loan program. The FHA financing provided the project with attractive non-recourse construction and permanent financing, a fixed interest rate, and a long, fully amortizing loan term. RED also obtained an Early Start approval for the owner that allowed construction to begin prior to the loan closing.
Since the construction of its original 70-bed skilled nursing building in 2006, followed by the opening of its 51-bed assisted living facility in 2010, Woodlands at Hampton Woods has developed a strong reputation for quality senior care services. This project continues the growth of the campus with expanded and enhanced services to address the growing market demand for rehabilitation care.
The project is owned and operated by affiliates of Woodlands, LLC, a locally-owned provider of senior care services.
“RED’s collaboration on our projects has always focused on supporting our goals,” said Kathy Prasad, owner and CEO of Woodlands, LLC. “We appreciate their dedication to helping us reach the next level of service at our communities.”
“This was our third financing for Woodlands, LLC and it was a pleasure to work again with Kathy Prasad, Frank Antalocy, and their entire project team,” stated Lee Delaveris, Director of Seniors Housing & Healthcare for RED. "This project will be a great addition to Woodlands at Hampton Woods that will complement their existing services and address the increasing need for modern, high-quality short-term rehab services.”
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 $57.5 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 exceeding $16 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. For more information on RED CAPITAL GROUP, LLC, visit http://www.redcapitalgroup.com.
About ORIX USA Corporation
ORIX USA provides innovative capital solutions that clients need to propel their business to the next level. Based in Dallas, ORIX USA has a team of more than 500 employees spanning nearly 20 offices across the U.S. and Brazil. ORIX USA and its family of companies offer investment capital and asset management services to clients in the corporate, real estate, municipal and energy sectors, while holding $6 billion of assets and managing an additional $29 billion, approximately. Its parent company, ORIX Corporation, is a Tokyo‐based, publicly owned international financial services company with operations in 36 countries and regions 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
For more information on this release or RED CAPITAL GROUP, LLC, please contact:
Lisalynne Quinn
Director of Marketing
RED CAPITAL GROUP, LLC
+1 469 385 1434
llquinn(at)redcapitalgroup(dot)com
Lisalynne Quinn, RED CAPITAL GROUP, LLC, http://www.redcapitalgroup.com, +1 (469) 385-1434, [email protected]
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