News - 2008
2005-023
Red Capital Markets Underwrites and Remarkets $9 Million Variable Rate Demand Bond Issue for San Diego Multifamily Community
Columbus, OH, August 10, 2005 – Red Capital Markets, Inc. (MEMBER FINRA/SIPC), a top ten underwriter for developer-driven multifamily housing revenue bonds and the investment banking arm of RED CAPITAL GROUP, recently served as bond underwriter and remarketing agent in conjunction with renovation financing for a 108-unit apartment community that is owned by an affiliate of Community Housing Works, a San Diego-based 501(c)(3) corporation.
Delta Village Apartments , located near the heart of San Diego, California , consists of nine two- and three-story apartment buildings. Renovation of the property is expected to reach completion June 2006. The property features a playground, picnic areas with barbecues, outdoor lawn areas and a laundry room.
Funding for Delta Village Apartments was accomplished through the sale of tax-exempt bonds issued by the Housing Authority of the City of San Diego. Red Capital Markets, Inc. underwrote and remarketed the $9,000,000 Series A bonds, which were rated "AA/A-1+" by the Standard and Poor’s Corporation. Structured as 7-day variable rate demand obligations, the bonds are credit enhanced by a direct pay letter of credit.
Community Housing Works is a California non-profit public benefit corporation that has been involved in the multifamily housing industry for 20 years. The corporation has built, rehabilitated, owned and/or managed 23 apartment complexes comprised of approximately 1000 units located in California.
