RED Closes a $20 Million Balance Sheet Construction Loan for Creekside Senior Living

RED Capital Partners, LLC, the proprietary debt and equity banking arm of comprehensive capital provider RED Capital Group, LLC, recently completed a $20 million Balance Sheet construction loan for the development of Creekside Senior Living, a 129 unit, Class A Assisted Living and Memory Care facility in Bountiful, Utah, a suburban community between Salt Lake City and Ogden, Utah.

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Brady Johnson, Director, Red Capital Group (Photo: Business Wire)

The loan was completed for Creekside Senior Living at Bountiful LLC, a joint venture between Creekside Senior Living Development Group, LLC, Stellar Senior Living, US Development, Inc. and the John S. Smith Family of Bountiful, Utah. The property will be operated by Stellar Senior Living, a family owned company headquartered in Salt Lake City, Utah, operating senior living communities throughout Utah, Idaho, Colorado, Washington and Arizona.

The property is located at the foot of the Wasatch Mountains and will offer panoramic views from nearly every window in the building, including the large, expansive glass panes stretching across the front lobby. In addition, the property is lined by a natural creek and will provide a unique outdoor space and a peaceful setting for its residents.

“We are excited to work with RED on this project. This is a property that will benefit the local community for years to come,” said Adam Benton, Senior Vice President with Stellar Senior Living, LLC. “The Smith Family is a pillar of the community and the land has been in the family for generations, so it means a great deal to us to be a part of such an important legacy.”

Kathryn Burton Gray, Senior Managing Director for RED, said, “This has been a remarkable effort by Creekside Senior Living Development Group as the sponsor in bringing all local parties together including the Smith Family of Bountiful, along with US Development, Inc. of Layton, and Stellar Senior Living of Salt Lake City to realize a meaningful addition to the local Bountiful community. We are pleased to be a part of it.”

Brady Johnson, Director, Senior Housing and Health Care for RED, said, “We are proud to have played a part in the realization of a unique community legacy and the coming together of a very remarkable project. The Mountain West is a unique focus for us and we are excited to strengthen our ties here in Utah. We also look forward to building on our relationship with Stellar Senior Living and are sincerely pleased they chose RED.”

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 nearly $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

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