News - 2008
2005-026
Red Capital Markets Underwrites and Remarkets $41,815,000 Variable Rate Demand Refunding Bond Issue for Affordable Community near Portland, Oregon
Columbus, OH, August 18, 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 for the refinance of a 711-unit affordable housing apartment community that is owned by an affiliate of The Tudor Foundation, a Washington State-based 501(c)(3) corporation.
Quatama Crossing Apartments, located in Washington County, Oregon, approximately 20 miles west of Portland, consists of one- two- and three-bedroom garden apartments. The property features a large clubhouse with community center, business center, mini-theatre, health club, and shower facilities. Outside the clubhouse area are a heated swimming pool, spa and children’s play area.
Funding for Quatama Crossing Apartments was accomplished through the sale of tax-exempt current refunding bonds issued by the State of Oregon Facilities Authority. Red Capital Markets, Inc. underwrote and remarketed the $41,815,000 Series A bonds, which were rated "AAA/A-1+" by the Standard and Poor’s Corporation. Structured as 7-day variable rate demand obligations, the bonds are credit enhanced by Fannie Mae.
The Tudor Foundation is a Washington State non-profit corporation. Tudor’s charitable contributions include making direct gifts or grants to low income, inner-city youth in an effort to permit and encourage post-secondary education, providing housing to low income persons and general charitable and educational work.
