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2005-027
RED CAPITAL Provides $8.1 Million Financing for Seniors Housing Refinance in Wisconsin
Columbus, OH, August 24, 2005 – Red Mortgage Capital, Inc. and Red Capital Markets, Inc. (MEMBER FINRA/SIPC), the mortgage and investment banking arms, respectively, of comprehensive capital provider RED CAPITAL GROUP, structured the refinancing of a seniors apartment community in Brookfield, Wisconsin .
Willow Brook Court Senior Apartments is a three-story, 120-unit apartment complex that serves elderly tenants; 20% of the units are reserved for occupancy by low income tenants. Originally constructed in 1993 and backed by FHA Section 221(d)(4) mortgage insurance, the property consists of 37 one-bedroom units and 83 two-bedroom units. Common amenities include six laundry rooms, a commons area and grounds, 60 surface parking spaces, 100 underground spaces while unit amenities boast full kitchens with frost free refrigerators, range, disposal, and microwave ovens.
Red Mortgage Capital, Inc., serving as mortgage banker and lender, processed the $8,100,000 Section 223(a)(7) refinance through the U.S. Department of Housing and Urban Development’s ("HUD") Milwaukee office. Red Capital Markets, Inc., as the investment banking firm, used the GNMA/FHA commitment received from HUD to structure and collateralize $7,915,000 of tax-exempt bonds and $55,000 taxable bonds issued by the Housing Authority of the County of Waukesha, Wisconsin. The bonds were rated "AAA" by Standard & Poor’s, the highest rating available.
The sponsor of the project is V. K. Development Corporation. Founded in 1978, the firm develops residential subdivisions, custom homes, as well as commercial and mixed use real estate development.
