DEAL OF THE DAY: Red Completes $136M Fannie Mae Refinance Loan for 10-State Portfolio Acquisition
Columbus, Ohio--Red Mortgage Capital, LLC, the mortgage banking arm of comprehensive capital provider, Red Capital Group, recently closed a $136 million-plus transaction on a pool of 11 assets located across 10 states nationwide.
Columbus, Ohio‑Red Mortgage Capital, LLC, the mortgage banking arm of comprehensive capital provider, Red Capital Group, recently closed a $136 million-plus transaction on a pool of 11 assets located across 10 states nationwide.
The 11 loans were underwritten individually on a non-crossed basis. The financing was integral to the acquisition of a 12-property portfolio by a fund managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. Red Mortgage Capital underwrote and delivered the loans pursuant to the Fannie Mae DUS program.
John Powell, senior managing director of Red Mortgage Capital and lead banker on the transaction comments, “Given the requirements of our client to close the transaction, we proposed a very aggressive timeline. Completing the transaction on time gave a compelling demonstration of Red’s high level of knowledge, service and expertise as well as Fannie Mae’s ability to deliver.”
Andrew Frenette, director of finance at Eaton Vance’s Real Estate Investment Group, says, “This was a very important transaction for our fund and we are very pleased with the service and execution we received from Red and from Fannie Mae.”
Eaton Vance Management is a wholly-owned subsidiary of Eaton Vance Corp., one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $173.3 billion in assets as of July 31, 2010, offering individuals and institutions a broad array of investment strategies and wealth management solutions.