RED Provides $36M in Fannie Mae DUS Financing for Randall Realty’s West Coast Properties
- Nov 18, 2010
Columbus, Ohio–Red Mortgage Capital, LLC, one of the nation’s top Fannie Mae DUS lenders and the mortgage banking arm of comprehensive capital provider, Red Capital Group, structured Fannie Mae DUS multifamily financings for The Randall Group.
The total debt was $36.4 million, of which $27.9 million was Choice Loan refinancing of existing Fannie Mae loans and $8.5 million was new financing through Fannie Mae. The properties, totaling 842 units, are located in California, Oregon and Washington.
The Randall Group, owner and manager of the properties, was created by Marcia and Robert Randall after they purchased their first property in 1960. The Randall’s built over 25,000 apartment units and other real estate properties. Their belief in process management and continual improvement created the strong management structure that remains the driving force behind the company’s operations today. CTL Management, Inc., a Randall Realty Group related entity, manages the four properties.
David L. Goodman, chairman of Red Mortgage Capital, LLC commented, “As always, it has been a pleasure to work for the folks at The Randall Group and at Fannie Mae and we look forward to our next transaction with them.”