COLUMBUS, OHIO—Red Mortgage Capital LLC has closed a $9.3 million FHA 232 newloan for assisted living facility Orchard Park of Kyle located in Kyle, Texas. The 97-bed project will consist of a single-story, 62,500-sq.-ft. facility providing assisted living and memory care services.
The project is being developed by, Texas-based McFarlin Group and Stroud Development.
The FHA 232 financing provides a non-recourse, fixed-rate construction and permanent loan that will fully amortize over 40 years after the project’s completion. Lee S. Delaveris was Red’s lead banker on the transaction.
Located in Kyle, approximately 20 miles south of Austin, Texas, Orchard Park will be built on a five-acre site within the Plum Creek master-planned development in close proximity to the Seton Medical Center campus. The facility is scheduled to open in late 2013.