RED CAPITAL CLOSES $25M LOAN FOR ALABAMA SENIORS FACILITY

HOOVER, ALA. — Red Capital Partners LLC has closed a $25 million balance sheet loan for Somerby St. Vincent’s One Nineteen, a 199-unit, Class A seniors housing facility located in Hoover, an affluent suburb of Birmingham, Ala. The facility offers independent living, assisted living and memory care services. The financing is anticipated to be refinanced by a Fannie Mae permanent loan. Dominion Partners LLC developed the seniors housing facility, while Somerby Senior Living Services LLC is operating the property.