Source: Red Capital Partners / #Finance #Housing
NEW BEDFORD, MA - RED Mortgage Capital, LLC, the mortgage lending entity of comprehensive capital provider RED CAPITAL GROUP, LLC, with assistance from Jeffrey Rome, the senior member of Capital Access US, LLC, recently completed a Fannie Mae DUS loan of $10,335,000 for the refinance of Victoria Riverside Townhouse Lofts for Victoria Riverside, LLC. The loan is fixed-rate and non-recourse with payments based upon a 30-year amortization.
Victoria Riverside, LLC utilized a combination of federal and state historic tax credits to fund a portion of the redevelopment of the former Whitman Mill into 101 townhome lofts. Formerly a cotton mill built in 1896 by William Whitman, the building is listed in the National Register of Historic Places. Its rehabilitation has earned the parent company, Acorn Management, the “Sarah R. Delano Preservation Award” for the "Magnificent Rehabilitation” of the property.
“RED was delighted to work with such a well-respected company as Acorn Management on Victoria Riverside. This historic property was beautifully redeveloped and their use of renewable energy for the project with the installation of solar panels on the roof, which will help offset common area electrical usage, further enhances its appeal.” said Ryan Duling of RED.
Recognized for its industry expertise, innovative and comprehensive structures, and consistently high rankings, RED CAPITAL GROUP, LLC has provided over $55.3 billion of integrated debt and equity capital since 1990 to the seniors housing and health care, multifamily, affordable, and student housing industries through three operating companies.