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2005-042
RED CAPITAL GROUP Provides Comprehensive Capital for Seniors Property in Las Cruces, New Mexico
Columbus, OH, December 13, 2005— Comprehensive capital provider RED CAPITAL GROUP recently converted a forward commitment to permanent financing on a seniors property in Las Cruces, New Mexico.
Mira Vista Villa Apartments is a newly-constructed 76-unit senior (62 and older) apartment community located in Las Cruces, New Mexico, 42 miles north of El Paso. The property sits on 2.35 acres and comprises one three-story building. The community has on-site management, a secure building entrance, elevator, carports, community room with kitchen, library with computer area, laundry facility, beauty salon, exercise room and walking trail. In 2002, Las Cruces was rated in the top ten cities for "Top Area in U.S. to Retire" by Forbes and Money Magazines.
Dublin, Ohio-based developers, Bethel Development, Inc., have significant affordable and seniors housing experience and have engaged or completed 12 Low-Income Housing Tax Credit projects with Red Mortgage Capital, Inc. to date. The property is managed by Kay-Kay Realty, which currently manages 23 tax credit properties.
Previously, Red Capital Markets, Inc. (MEMBER FINRA/SIPC) syndicated $3.5 Million of low income housing tax credit equity, and a $3.76 Million Provident Community Development Company, LLC construction loan to Mira Vista Villa Apartments. Recently, Red Mortgage Capital, Inc., the nation’s 6th ranked Fannie Mae DUS™ lender, recently provided a $1.4 Million Fannie Mae DUS Forward Commitment for permanent financing bringing the total financing to $8.6 Million. In the last 12 months, Mira Vista Villa Apartments has achieved 90% occupancy.
Daniel Terlecki, President of Bethel Development said, "I am pleased once again to have Red Capital Group as a partner. With Red’s involvement we were able to enter the Las Cruces market and complete construction in record breaking time. At Mira Vista Villas we are addressing senior’s needs by providing many amenities not offered at other affordable senior housing properties in the area."
