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, has completed a Fannie Mae DUS loan of $10.335 million 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.
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.