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Rennell looks to leverage Manufactured Housing Experience to Grow REDs platform.
Dallas, TX (PRWEB) June 24, 2014
RED Mortgage Capital, LLC, the mortgage banking arm of comprehensive capital provider RED CAPITAL GROUP, LLC, announced today another addition to its growing multifamily housing originations platform. Richard (Rick) J. Rennell, Jr. will join RED as Vice President of Multifamily Housing Originations.
Based in Chicago, Rick will be responsible for helping grow the manufactured and multifamily housing business for RED. A commercial real estate executive with more than 15 years of real estate and financial management experience within the private and public commercial real estate industry, Rick will manage all aspects of the loan origination process, including debt structuring, pricing strategy, transaction negotiation, and closing.
Prior to joining RED, Rick served as Chief Financial Officer for Resource Title National Agency in Chicago. Previous to that, Rick held positions with Real Estate Fund Management Group, GE Commercial Finance, and Hometown America serving the manufactured housing industry.
Jim Hensley, Senior Managing Director of Multifamily Housing for RED CAPITAL GROUP, LLC said, RED has consistently been a national leader in multifamily finance for many years. We are one of the nations largest FHA lenders, and have been a top performer under the Fannie Mae DUS® program. We will continue to grow our platform nationally with key individuals throughout the country. We are pleased to have Rick join our RED team and look forward to fully utilizing his real estate experience.
Rick Rennell, Vice President of Multifamily Housing stated, I am excited about the opportunity to use my experience in the commercial real estate industry to help drive growth in the manufactured and multifamily housing business at RED. As a leading Fannie Mae and FHA MAP- and Lean-lender, I am impressed with REDs drive and commitment to growing a preeminent lending platform. I am excited about the opportunity to grow and expand REDs manufactured housing lending platform.
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 $55 billion of integrated debt and equity capital since 1990 to the multifamily, student and seniors housing, and health care 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 of more than $17.8 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.
About ORIX USA Corporation
ORIX USA Corporation is a diversified financial company with approximately $6 billion of assets in sectors spanning commercial finance, venture finance, commercial real estate and public finance, as well as $25 billion of assets managed for others. Operating subsidiaries include Houlihan Lokey, RED CAPITAL GROUP and Mariner Investment Group. Headquartered in Dallas, Texas, ORIX USA and its subsidiaries have more than 1,400 employees and offices in major cities including New York, Los Angeles, London and Tokyo.
ORIX USA is a wholly owned subsidiary of ORIX Corporation, a Tokyo-based, publicly owned international financial services company with operations in 35 countries worldwide. ORIX Corporation is listed on the Tokyo (8591) and New York Stock Exchanges (IX). For more information on ORIX USA, visit http://www.orix.com.
DUS® is a registered trademark of Fannie Mae.
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