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RED Mortgage Does Its First Freddie Mac Conventional Deal
RED Mortgage Capital (RED), a division of ORIX Real Estate Capital, provided an $11.36-million Freddie Mac conventional mortgage loan to refinance Redwood Reynoldsburg, an 89-unit multifamily community in the Columbus suburb of Reynoldsburg, OH.
“This is the first Freddie Mac conventional loan closed by RED, a division of ORIX Real Estate Capital, and is made possible by our recent merger with Hunt Real Estate Capital,” said Andy Warnock, managing director at RED. “Hunt is a seasoned agency lender with longstanding, credible relationships with Freddie Mac and Fannie Mae. We were glad to tap their expertise and expand our capabilities to close our first-ever loan of this kind.”
The loan was structured with a 10-year term with five years of interest only, followed by a 30-year amortization period and standard defeasance prepayment. It was used to pay off construction debt and recapitalize the borrower by retiring preferred equity.
Be sure to register for the Connect National Multifamily Update – June webinar, coming up on Thursday, June 11.
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- ◦Financing
