RED PROVIDES $21.8 MILLION IN LOANS FOR THREE MIDWEST PROPERTIES
HOBART AND LAPORTE, IND.; AND NILES, MICH. — Red Mortgage Capital, the mortgage banking arm of Red Capital Group, has provided three FHA LEAN Section 232/223(f) loans for senior housing properties in Indiana and Michigan. The company provided an $8.8 million loan for Brentwood at Hobart, a 116-unit assisted-living and memory-care facility in Hobart; a $9.76 million loan for Brentwood at LaPorte, a 124-unit independent-living, assisted-living and memory-care facility in LaPorte; and a $3.31 million loan for Brentwood at Niles, a 67-unit assisted-living facility located in Niles. Each of the non-recourse loans carry a fixed-mortgage rate and a 35-year, fully amortized term.