Red Mortgage Finances $29.5M Multifamily Property in California

COLUMBUS—Red Mortgage Capital LLC recently processed and funded a $29,500,000 loan for an apartment community in San Francisco’s Bayview District near Candlestick Point.

Red Mortgage Capital LLC underwrote the $29.5 million Fannie Mae MBS/DUS Structured Adjustable Rate Mortgage loan (“Structured ARM”) for Ashton San Francisco with a 10-year term and 30-year amortization.

The first 24 months are interest only and the variable rate is tied to 1-month Libor. UDR Inc. is the General Partner of the LLC that owns the borrowing entity.

Ashton San Francisco is a seven-story midrise apartment building with 110 one- and two-bedroom units. Build in 2010, the property has views of the San Francisco Bay, is located near the San Francisco central business district and has access to transportation and to Candlestick Point State Recreation Area.

Amenities at Ashton San Francisco include 10-ft. ceilings and, in the common area, an elevated terrace.

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