DEAL OF THE DAY: Red Mortgage Capital Offers Fannie Mae Financing for Michigan Apartments
- Jan 23, 2008
Grand Haven, Mich.– Columbus, Ohio-based Red Mortgage Capital, Inc. supplied more than $11 million to a new apartment complex in Grand Haven, Mich.–and Red plans to arrange more financing as construction on the property continues.Red Mortgage Capital, Inc. provided $11,900,000 in competitively priced Fannie Mae DUS fixed-rate financing, which carries a 10-year term and 30-year amortization schedule, to real estate development firm Jacobs Property Investments, headquartered in Muskegon, Mich. Jacobs manages the Timber View Apartments and plans to finance the last two phases of the property’s development through Red. The first four phases of Timber View, which were completed in 2007, consist of 11 three-story apartment buildings with 188 one-, two- and three- bedroom units. Units feature detached garages, electric stoves, full-size washers and dryers, dishwashers, microwaves, garbage disposals, private patios and central air. Property amenities include an outdoor swimming pool, playground and BBQ area. Red Mortgage Capital is the mortgage banking arm of debt and equity capital provider Red Capital Group, also headquartered in Ohio.