Red Capital Group LLC, a Columbus, Ohio-based real estate finance company, has arranged two Fannie Mae loans totaling $17.056 million to refinance two Alzheimer’s care centers in Texas.
With funding from Red’s mortgage finance arm, Red Mortgage Capital LLC, one of the loans went to JEA Senior Living to finance Cinco Ranch Alzheimer’s Special Care Center, a 66-bed facility developed in 2006 and 2007 in Katy, Texas.
JEA Senior Living is a privately owned and operated management and development company based in Vancouver, Wash. that owns and/or operates 18 senior care properties in Washington, Oregon, California, Colorado, Texas and Illinois.
Also arranged through Red Mortgage Capital, the second loan was for South Bay Partners Ltd. to refinance Hudson Creek Alzheimer’s Special Care Center in Bryan, Texas. Constructed in 2006, the 38-unit property also contains 66 beds.
Based in Dallas, South Bay Partners is a full-service real estate development company that specializes in seniors housing. The firm has completed development from the ground up of 44 assisted living, Alzheimer’s and independent living properties in 12 states, as redeveloped 10 large senior communities which offer independent and assisted living, Alzheimer’s and skilled care.