Red Mortgage Capital Closes $60 Million SBL Portfolio in Union City, NJ
May 10 2019 - 12:29PM
Business Wire
Continues to Expand Program & Portfolio Expertise
Red Mortgage Capital, the lending arm of ORIX Real Estate
Capital, LLC, announces the closing of a $60 million, 18 property
portfolio in Union City, N.J. through the Freddie Mac OptigoSM
Small Balance Loan program.
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Union City, NJ (Photo: Business Wire)
The financing was for the acquisition of the multifamily
properties, which include 481 units of affordable housing in one of
the country’s most densely populated areas. The properties range
from eight to 67 units.
John Darrow, Jim Martin and Harris O’Connell with RED’s SBL Team
negotiated the portfolio transaction along with Brad Domenico of
Progress Capital.
The Union City transaction is one of RED’s largest SBL portfolio
financings to date and one of a growing number of portfolios
financed by RED in the small balance space. In the past 12 months,
RED has closed 11 small balance loan portfolios totaling more than
$200 million in loan proceeds across 75 properties.
“RED’s ability to provide competitive terms and certainty of
execution on such a large portfolio could not have happened without
RED’s highly-efficient, well-engineered approach to Small Balance
lending,” said Domenico.
The Freddie Mac Optigo SBL program is a competitive option for
loans ranging from $1 million to $7.5 million secured by
multifamily properties across the nation. It brings liquidity and
stability to a market sector that was previously geographically
fractured and often constrained by sponsor or market exposure
limits. In the case of the Union City transaction, RED’s SBL team
orchestrated the simultaneous closing of 18 individual loans,
allowing for better pricing and reduced closing costs.
“Our team continually seeks to improve the customer experience,
leveraging technology and decades of industry expertise to provide
our clients a seamless execution on every transaction in this high
volume space,” said John Darrow of RED. “This focus on customer
experience has allowed RED to establish itself as a preeminent
capital provider in the small balance space.”
OptigoSM is a registered trademark of Freddie Mac.
RED MORTGAGE CAPITAL
Recognized for its industry expertise, innovative and
comprehensive structures, and consistently high rankings, Red
Mortgage Capital has provided over $78 billion of integrated debt
and equity capital since 1990, with a focus on the multifamily and
affordable housing industries.
Red Mortgage Capital is a division of ORIX Real Estate Capital,
LLC, a Fannie Mae DUS®, MAP- and Lean-approved FHA, and Freddie Mac
OptigoSM small balance lender. ORIX Real Estate Capital Holdings,
LLC is headquartered in Columbus, OH and is a wholly owned
subsidiary of ORIX Corporation USA. ORIX Real Estate Capital has 16
offices nationwide and approximately 330 employees. Securities,
Investment Banking and Advisory Services are provided through OREC
Securities, LLC, member FINRA/SIPC.
PROGRESS CAPITAL
Progress Capital is a leading Commercial Mortgage Banking firm
specializing in arranging debt for commercial real estate owners
and residential developers, with a strong focus on Agency loans.
Since 1990, Progress has successfully closed in excess of $40
billion in commercial loans and directly funded over $150
million.
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version on businesswire.com: https://www.businesswire.com/news/home/20190510005447/en/
Lisalynne QuinnDirector of MarketingRed Mortgage
Capital+1 469 385
1434llquinn@redcapitalgroup.comredcapitalgroup.comtwitter:
@Lisalynne_REDCorp. twitter: @REDCapitalGroup
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