RED Mortgage Capital Secures Financing for Seniors Housing Property in Baltimore, Ohio

BALTIMORE, OHIO — RED Mortgage Capital has originated a $1.8 million FHA 223(f) loan for National Church Residences in Baltimore, approximately 29 miles southeast of Columbus. The loan will be used to provide renovations and add amenities at Walnut Creek Village, a 40-unit, project-based Section 8 rental assistance property, which caters to low-income seniors and handicapped residents. In conjunction with the FHA 223(f) refinance, the owner also closed on a $3.3 million Service Enriched Housing (SEH) Grant, which was awarded by HUD under the Assisted Living Conversion Program (ALCP). The grant funds will also be used to make renovations at the property. National Church Residences of Columbus, Ohio is a non-profit subsidiary of National Church Residences. Founded in 1961, National Church Residences has more than 335 senior living communities in its current portfolio.