Firm continues to partner with Redwood— financing its 88th
transaction— bringing the total financed to more than $700M since
its first loan in 2009
Redwood Living, Inc. and RED Mortgage Capital, the proprietary
debt and equity banking arm of comprehensive capital provider
RED Capital Group, LLC (RED), are once again celebrating a
milestone in their relationship by surpassing $700M in total
financing.
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Redwood Neighborhood in Macomb Twp., MI
(Photo: Business Wire)
The milestone comes on the heels of the two companies’ largest
transaction to date – an $18.1M refinance utilizing Fannie Mae’s
Green Building Certification Program for a 132-unit Redwood
Neighborhood in Macomb Township, MI.
This new Redwood Neighborhood, like most of the Redwood
portfolio, is a class A, multifamily apartment community of
single-story, two-bedroom, two-bath homes with open floor plans and
attached garages. Redwood Neighborhoods feel like traditional
single-family home neighborhoods – a hallmark of the company since
its first development in the early 2000s.
RED has had a long and productive relationship with
Redwood, providing optimum solutions by utilizing a variety of loan
programs including FHA, Fannie Mae, CMBS, Freddie Mac and Balance
Sheet loans, as well as placing loans at other funding sources.
“Celebrating mutual successes never grows old,” stated Andy
Warnock, Managing Director for RED. “It doesn’t seem that
long ago that RED was visiting Redwood in their corporate
office of three employees (2008). Today, Redwood is outgrowing
their office space as their geographic footprint and management
portfolio continues to swell alongside its investment in human
capital.”
The longstanding partnership has also continued to grow and
thrive. In 2009, RED closed three loans with Redwood
totaling $12.2M. In 2017, the volume of loans closed was $223.1M
across 24 loans. To date in 2018, transactions total $130.9M. Since
the partnership began, RED has worked with Redwood to
finance $715.8M, representing more than 5,500 apartment units.
David Conwill, Co-President of Redwood Living, is impressed at
the pace of lending volume in recent years. “In late 2016, we
surpassed our 50th financing with RED for a total of $340M
in new debt. A short two years later, we have now surpassed $700M
comprised of 88 unique transactions. Effectively managing this
effort is a testament to the tremendous teams and synergies in
place at both firms.”
Redwood, one of the nation’s largest developers of single-story
apartment homes, currently manages over 10,000 units across the
Midwest and into the Carolinas. RED is a Fannie Mae DUS®
lender, Freddie Mac SBL Seller Servicer, and the number one
producer of FHA insured mortgages by loan count of total closings
in HUD FY15, FY16 and FY17.
About RED CAPITAL GROUP, LLC
Recognized for its industry expertise, innovative and
comprehensive structures, and consistently high rankings,
RED Capital Group, LLC has provided over $78 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.
RED Mortgage Capital, LLC is a Fannie Mae DUS® and MAP- and
Lean-approved FHA lender with a mortgage servicing portfolio over
$17 billion. RED Capital Markets, LLC (MEMBER FINRA/SIPC) is
active in the distribution of Fannie Mae and Ginnie Mae Project
MBS, and provides structuring, underwriting, placement, and
advisory services for tax-exempt and taxable housing and health
care bonds.
RED Capital Partners, LLC provides proprietary debt and
equity solutions, and asset management in a range of forms,
including subordinated gap and bridge loans. RED Capital
Group, LLC is a subsidiary of ORIX Corporation USA. For more
information on RED Capital Group, LLC, visit our website at:
http://www.redcapitalgroup.com.
DUS® is a registered trademark of Fannie Mae.
Additional Recent Transactions between RED &
Redwood:
4/30/2018Brimfield Twp., OH65 UnitsFannie Mae Streamlined Rate
Lock Refinance$8,670,900
4/23/2018Wadsworth, OH29 UnitsFreddie Mac Small Balance Loan
Refinance$3,100,000
4/5/2018Dublin, OH84 UnitsCMBS Refinance$11,925,000
3/28/2018Whitestown, IN93 UnitsBalance Sheet
Bridge/Interim$11,500,000 (initial funding)
3/20/2018Medina, OH32 UnitsFHA 223(f) MAP
Refinance$4,240,000
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180618005193/en/
RED CAPITAL GROUP, LLCLisalynne Quinn,
+1-469-385-1434Director of
Marketingllquinn@redcapitalgroup.comredcapitalgroup.comtwitter:
@Lisalynne_REDCorp. twitter: @REDCapitalGroup
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