RED Teams Up With Sentio to Provide $20M Balance Sheet Construction Loan Financing for an LCS Sponsored Senior Housing Community in Georgetown, Texas
COLUMBUS, Ohio–(BUSINESS WIRE)–#FHA–Working together, RED Capital Partners, LLC, the proprietary debt
and equity banking arm of comprehensive capital provider RED
Capital Group, LLC, and Sentio
Healthcare Properties Inc. (Sentio) collaborated on a $41.9M loan to
finance the development of a Class A senior living community in
Georgetown, Texas, an affluent suburb approximately 30 miles north of
Austin. RED provided a $20M balance sheet loan financing, with
the balance being funded by Sentio. The project was developed and is
owned by affiliates of Life
Care Services, LLC (LCS).
Construction was nearly complete on The Delaney at Georgetown Village, a
211-unit senior living facility consisting of 120 independent living
units, 55 assisted living units and 36 memory care units, when RED
closed on the loan. The project is beautiful and has three connected
one-story and three-story buildings with expansive common and outdoor
space.
“We are encouraged by the development progress at the property,” said
Spencer Smith, SVP of Sentio Investments. “The RED team was able
to understand our goals and successfully helped structure a loan
financing that worked well for RED, Sentio, and LCS.”
“We are very happy to be working with John Mark Ramsey and his team at
Sentio,” said Kathryn Burton Gray, Senior Managing Director for RED.
“This is the type of creative financing that allows relationship
partners to leverage off RED for the entire capital stack— from
bridge loans to permanent lending.“
“RED is very excited to have the privilege of working with Sentio
for the first time and assist with its growth, as well as expand our
relationship with LCS,” stated James Scribner, Managing Director for RED.
“We look forward to working with both firms in the future.”
“We’ve been looking for the right situation to work with RED, and
Georgetown provided just that opportunity,” said David Laffey, Senior
Vice President/Director of LCS Real Estate. “We greatly appreciate RED’s
support of LCS’s proprietary development strategy.”
Sentio is a public, non-listed real estate investment trust that invests
exclusively in healthcare related real estate. Sentio is committed to
growing a portfolio of properties representing a mix of asset classes
and providing geographic diversity. The current Sentio
Healthcare portfolio features 34 properties, located in 16 different
states.
Based in Des Moines, Iowa, and established in 1971, LCS is a leading
provider of high-quality senior lifestyle products and services. The LCS
Family of Companies focus on strategic planning, development, operations
management, and marketing and sales management for continuing care
retirement communities and senior living communities, home health care
and companion services, senior living community ownership, insurance,
and national purchasing consulting services. LCS is ranked as the 3rd
largest senior housing operator in the United States (ASHA 2015 Top 50
Operators), and currently serves over 33,000 seniors in 31 states in
over 130 communities.
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
Contacts
RED Capital Group, LLC
Lisalynne Quinn, +1-469-385-1434
Director
of Marketing
llquinn@redcapitalgroup.com
