RED Provides $29M Fannie Mae DUS/MBS Refinance for Class A Assisted Living and Memory Care Community in San Gabriel Valley
October 28 2016 - 12:00PM
Business Wire
In the exclusive town of Sierra Madre, California, a
high-barrier to entry and highly competitive infill market in Los
Angeles County, RED Capital Group and Borrower, Kensington
SM GP LLC, worked together to bring a Class A Assisted Living and
Memory Care community to an area that was previously underserved in
terms of seniors housing. Construction and lease-up of The
Kensington Sierra Madre was completed in record time, leading to a
recent $29M refinance with Fannie Mae DUS/MBS.
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The Kensington Sierra Madre (Photo:
Business Wire)
The Kensington Sierra Madre is a 75-suite Assisted Living and
Memory Care community located in Sierra Madre, California, which is
in the heart of the San Gabriel Valley, just to the north of the
City of Los Angeles. The property, which is home to up to 90
residents, includes 41 assisted living suites and 34 memory care
suites, complemented by welcoming resident common areas for dining,
living and socializing, and gardens throughout the grounds. The
community is operated by Kensington Senior Living, LLC (KSL).
In this difficult to zone market, high barriers to entry were
met by exceptional community outreach and multiple successful
votes, including public approval on the 2012 Presidential Ballot.
The fulfillment of RED’s and KSL’s vision in Sierra Madre is
a testament to the patience, perseverance, and expertise required
to deliver a best-in-class seniors housing community in such a
desirable location.
This was a ground up construction loan for RED’s
proprietary balance sheet lending capabilities that transitioned
effortlessly into a permanent Fannie Mae loan ahead of
schedule.
“RED was delighted to work with Fannie Mae to provide the
permanent debt for this outstanding quality seniors housing asset
located in a significantly underserved and built-out Los Angeles
submarket,” states Kathryn Burton Gray, Senior Managing Director
for RED. “Kensington Senior Living, the operator,
implemented its best-in-class assisted living and memory care
programming which resulted in a rapid lease-up and stabilization,
and performance levels exceeding expectations.”
Kensington Senior Living, LLC (KSL), which owns and operates The
Kensington, is led by industry-veterans Tiffany Tomasso, Dave
Faeder, Billy Shields and Dan Gorham. The group is headquartered in
Reston, VA and currently owns and operates five assisted living
& memory care communities including two in California, one in
Maryland, one in Virginia and one in New York with four more in
development.
Dan Gorham, Partner at Kensington Senior Living LLC, said of the
recent refinance, “RED provided classic ‘one stop shopping’
by funding a well leveraged construction loan and originating an
attractive take-out with Fannie Mae. All within three years!”
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 exceeding $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/20161028005186/en/
RED Capital Group, LLCLisalynne Quinn,
+1-469-385-1434Director of Marketingllquinn@redcapitalgroup.com
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