Red Capital Group, which was recently sold by PNC Bank, has exited the warehouse sector. The Ohio-based firm was a niche player in warehouse lending and was ordered out of the business by the Pittsburgh-based PNC. In an e-mail to NMN, company official James A. King said, "We are no longer in the warehouse business" but declined to answer follow up questions. PNC is in the process of winding down the warehouse operation of National City. A few weeks ago an investment group led by Orix USA Corp., Dallas, bought Red Capital for an undisclosed sum. Red also provides financing for multifamily, senior living and health care projects through various FHA and Fannie Mae programs.
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