Nationwide, a real estate investment trust that invests primarily in health care-related facilities, secured the funding through Red Mortgage Capital Inc., a Fannie Mae lender and the mortgage banking entity of Red Capital Group. The loans included a $7.4 million Fannie Mae MBS/DUS mortgage loan for Villa Del Sol, a 91-unit assisted living property in Mission Viejo that is operated for Nationwide by ARV Assisted Living Inc. The other loan was a $29.5 million mortgage for Heritage Club of Denver, a 235-unit, predominantly independent living facility in Denver. It is leased to and operated by American Retirement Corp.
Both of the Fannie Mae loans have 10-year terms and a 25-year amortization schedule, according to Craig S. Jones, senior managing director of Columbus, OH-based Red Mortgage Capital, which provides debt and equity capital to multifamily housing, seniors housing, and other real estate projects.
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