RED Small Balance Loan Group Funds $9.47M on a Five Property Portfolio in the Los Angeles Area
30 September 2017 - 2:00AM
Business Wire
RED Mortgage Capital, LLC, the mortgage banking arm of
RED Capital Group LLC, announced that they have closed the
refinance of a $9.47M portfolio of five apartment complexes
throughout the greater Los Angeles, CA area.
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Normandie Apartments Los Angeles, CA
(Photo: Business Wire)
The ownership group of the five properties will use the
refinanced loan proceeds to begin the process of seismic
retrofitting of their structures, which is a new requirement for
select properties in Los Angeles County. Being a pro-active
management team, the client contacted RED to start the
refinance process immediately, in an effort get the seismic
retrofit repairs started before the city planner’s office was
flooded with engineering permit requests. The newly renovated units
are upgraded with new kitchen & bath cabinets, granite
countertops, new kitchen appliances (built-in dishwasher, microwave
oven and stack washer and dryer), as well as other cosmetic
updates.
The properties financed include:
- Normandie Apartments, Los Angeles,
CA
- Curson Apartments, West Hollywood,
CA
- Lexington Apartments, West Hollywood,
CA
- South Kansas Apartments, Santa Monica,
CA
- North Kansas Apartments, Santa Monica,
CA
Closing the portfolio in a timely manner required a tremendous
amount of teamwork and a well-coordinated effort between
RED, the ownership group and EPIC Commercial, who sourced
the loan request for the client to RED.
“RED, through its Freddie Mac Small Balance Loan license,
provides nationwide non-recourse small balance loans in amounts up
to $7.5M and provides aggressive loan to value leverage structures
up to 80%. It provides fixed rates up to 10-years and hybrid ARM
products with 20 year terms. More importantly, it is a nationwide
market leader in providing highly competitive interest rates at all
leverage levels. Borrowers are able to maximize their cash-flow
with interest only payments and select from a variety of flexible
pre-payment options,” explained RED Managing Director,
Donald Frankman.
“The portfolio was a perfect match for the Freddie Mac Small
Balance Program, especially since we were able to provide the
client access to their existing equity at a very low interest rate
cost. We are happy to be working with this ownership group and look
forward to growing the business relationship on future
transactions,” said Frankman.
The deals were brokered by EPIC Commercial.
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 $74 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 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 active 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 our website at:
http://www.redcapitalgroup.com
About ORIX USA Corporation
Since 1981, ORIX USA has provided 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 700 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 37 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
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version on businesswire.com: http://www.businesswire.com/news/home/20170929005125/en/
RED Capital Group, LLCLisalynne Quinn, +1 469-385-1434Director
of Marketingllquinn@redcapitalgroup.com
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