News - 2008
2005-029
RED CAPITAL GROUP Provides Comprehensive Capital for First LIHTC Seniors Property in Yuma, Arizona
Columbus, OH, September 8, 2005— Comprehensive capital provider RED CAPITAL GROUP recently arranged construction, LIHTC equity and a commitment for permanent financing for a to-be-built seniors development in southwest Arizona, in the City of Yuma.
La Mariposa will consist of 59 affordable units in one, three-story apartment building located on a 3.28 acre site. Unit amenities will include a refrigerator, range, dishwasher and security system. La Mariposa residents will enjoy a 1,000 square foot community room, beauty salon, central laundry, fitness room, elevator service and picnic area with walking trails.
Of note, La Mariposa is the first LIHTC/affordable seniors property to be built in Yuma. Upon completion, which is anticipated in May of 2006, 100% of the property rents will be affordable to qualified residents aged 55 years and older who earn 40%, 50% and 60% of median area income.
Based in Dublin , Ohio , the developers, Bethel Development, Inc. have significant experience with affordable and seniors housing. The property will be managed by Kay-Kay Realty, which currently manages 23 tax credit properties.
RED CAPITAL GROUP’s comprehensive financing includes the syndication by Red Capital Markets, Inc. (MEMBER FINRA/SIPC) of $5.25 Million of LIHTC Tax Credit Equity, and a $4.15 Million construction loan and $1.0 Million Fannie Mae DUS™ forward commitment from Red Mortgage Capital, Inc., the nation’s 6th ranked Fannie Mae DUS lender.
Daniel N. Terlecki , President of Bethel Development, Inc., said "This was my twelfth transaction with RED and their execution to closing was exceptional. Red has streamlined the transaction closing process and saved me time and money with its ‘one-stop shop’ for construction, permanent and tax credit equity financing. They are great to work with and I would recommend Red to other developers in the low-income housing tax credit industry."
