RED Closes a $20 Million Balance Sheet Construction Loan for Creekside Senior Living
September 06 2016 - 3:00PM
Business Wire
RED Capital Partners, LLC, the proprietary debt and
equity banking arm of comprehensive capital provider RED Capital
Group, LLC, recently completed a $20 million Balance Sheet
construction loan for the development of Creekside Senior Living, a
129 unit, Class A Assisted Living and Memory Care facility in
Bountiful, Utah, a suburban community between Salt Lake City and
Ogden, Utah.
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Brady Johnson, Director, Red Capital
Group (Photo: Business Wire)
The loan was completed for Creekside Senior Living at Bountiful
LLC, a joint venture between Creekside Senior Living Development
Group, LLC, Stellar Senior Living, US Development, Inc. and the
John S. Smith Family of Bountiful, Utah. The property will be
operated by Stellar Senior Living, a family owned company
headquartered in Salt Lake City, Utah, operating senior living
communities throughout Utah, Idaho, Colorado, Washington and
Arizona.
The property is located at the foot of the Wasatch Mountains and
will offer panoramic views from nearly every window in the
building, including the large, expansive glass panes stretching
across the front lobby. In addition, the property is lined by a
natural creek and will provide a unique outdoor space and a
peaceful setting for its residents.
“We are excited to work with RED on this project. This is
a property that will benefit the local community for years to
come,” said Adam Benton, Senior Vice President with Stellar Senior
Living, LLC. “The Smith Family is a pillar of the community and the
land has been in the family for generations, so it means a great
deal to us to be a part of such an important legacy.”
Kathryn Burton Gray, Senior Managing Director for RED,
said, “This has been a remarkable effort by Creekside Senior Living
Development Group as the sponsor in bringing all local parties
together including the Smith Family of Bountiful, along with US
Development, Inc. of Layton, and Stellar Senior Living of Salt Lake
City to realize a meaningful addition to the local Bountiful
community. We are pleased to be a part of it.”
Brady Johnson, Director, Senior Housing and Health Care for
RED, said, “We are proud to have played a part in the
realization of a unique community legacy and the coming together of
a very remarkable project. The Mountain West is a unique focus for
us and we are excited to strengthen our ties here in Utah. We also
look forward to building on our relationship with Stellar Senior
Living and are sincerely pleased they chose RED.”
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 $73 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 leading Fannie Mae DUS® and MAP-
and Lean-approved FHA lender with a mortgage servicing portfolio
nearly $16 billion. RED Capital Markets, LLC (MEMBER FINRA/SIPC) is
a leader 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 USA Corporation. For more information on RED
CAPITAL GROUP, LLC, visit www.redcapitalgroup.com.
About ORIX USA Corporation
ORIX USA provides innovative capital solutions that clients need
to propel their business to the next level. Based in Dallas, ORIX
USA has a team of more than 600 employees spanning nearly 20
offices across the U.S. and Brazil. ORIX USA and its family of
companies offer investment capital and asset management services to
clients in the corporate, real estate, municipal and energy
sectors, while holding $6 billion of assets and managing an
additional $29 billion, approximately. Its parent company, ORIX
Corporation, is a Tokyo-based, publicly owned international
financial services company with operations in 37 countries and
regions worldwide. ORIX Corporation is listed on the Tokyo (8591)
and New York Stock Exchanges (IX). For more information on ORIX
USA, visit www.orix.com.
DUS® is a registered trademark of Fannie
Mae
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version on businesswire.com: http://www.businesswire.com/news/home/20160906006364/en/
RED Capital Group, LLCLisalynne Quinn, +1-469-385-1434Director
of Marketingllquinn@redcapitalgroup.com
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