RED Provides $21.2M FHA 232/223(f) Refinancing for Sunnyview Nursing and Rehab Center
RED Mortgage Capital, the mortgage banking arm of RED Capital Group, LLC, announced today that it closed an FHA 232/223(f) insured loan for the refinancing of Sunnyview Nursing and Rehab Center, a 220-bed skilled nursing facility in Butler, PA, 35 miles north of Pittsburgh. The loan resulted in long-term, non-recourse, low interest rate financing for the facility and includes a flexible pre-payment schedule.
Columbus, OH, March 23, 2016 (Newswire.com) - RED Mortgage Capital, the mortgage banking arm of RED Capital Group, LLC, announced today that it closed an FHA 232/223(f) insured loan for the refinancing of Sunnyview Nursing and Rehab Center, a 220-bed skilled nursing facility in Butler, PA, 35 miles north of Pittsburgh. The loan resulted in long-term, non-recourse, low interest rate financing for the facility and includes a flexible pre-payment schedule.
The facility was previously owned by Butler County. Investment360 was selected by the county through a competitive bidding process and acquired the facility in 2014. It was extremely important for the county to find an owner who would continue to provide the quality of care that the facility had been known for in the past.
"This transaction was very complex and came with unique issues, but RED worked relentlessly to resolve them," stated Mr. Friedman, Investment360. "RED's extensive expertise and experience working with HUD led to a successful close. We look forward to working with RED again."
Mr. Friedman, Investment360
Under its new ownership, patient care has improved along with census, quality mix, and financial performance. The facility has become a market leader and continues to fill a critical need for high acuity care in the county. The FHA-insured financing not only refinanced the first mortgage acquisition debt, but also certain subordinate financing to maximize the permanent debt.
“This transaction was very complex and came with unique issues, but RED worked relentlessly to resolve them,” stated Mr. Friedman, Investment360. “RED’s extensive expertise and experience working with HUD led to a successful close. We look forward to working with RED again.”
Kathryn Burton Gray, Senior Managing Director for RED said, “We are thrilled to be working with Mr. Friedman and his team. They have a strong commitment to the industry and we are pleased that they chose RED.”
James D. Scribner, Managing Director for RED said, “We are proud to build on our relationship with Investment360. This is our second transaction and we are thrilled to be a part of this successful project team.”
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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 $72 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 and Freddie Mac small balance lender with a mortgage servicing portfolio near $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 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 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 www.orix.com.
DUS® is a registered trademark of Fannie Mae
For more information please contact:
Lisalynne Quinn
Director of Marketing
RED CAPITAL GROUP, LLC
+1 469 385 1434