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2005-037
RED CAPITAL GROUP Provides Mezzanine Equity for New Property in Texas
Columbus, OH, November 22, 2005 — Red Capital Advisors, LLC, the merchant banking arm of RED CAPITAL GROUP, provided mezzanine financing for a to-be-built multifamily property in the Fort Worth/Dallas, Texas area.
Upon construction completion, which is slated for 3rd Quarter 2006, The Enclave on Golden Triangle will offer 273 market-rate multifamily units contained within 29 two-story buildings. The property will be situated on 16.6 acres in the desirable Keller School District, one of the nation’s fastest growing school districts. Amenities at The Enclave will include fully equipped island kitchens, ceramic tile, ceiling fans, patio/balconies, walk-in closets, 9-foot ceilings, attached garages for most of the units and will be multi-media entertainment ready. Common areas will include a 4,800 sq. ft. clubhouse with resort style pool and spa, 24-hour fitness & business centers, 9-hole putting green, billiards, basketball court, grill accompanied by a fireplace, and playground with an outdoor entertainment pavilion.
Integrated Real Estate Group is the developer of the project with Integrated Construction and Development overseeing the construction. Richard E. Simmons is majority owner of both firms and has 20-years of experience as a builder and developer of real estate throughout the United States.
Red Capital Advisors, Inc. provided a $1,650,000 mezzanine loan which carries a 20-year amortization schedule.
