News - 2006
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2006-007
Red Mortgage Capital Provides Financing for New Loft Residential Units at Olentangy Village Community
Renovations in Columbus to Include Commercial Space
The Village Apartments
Columbus, Ohio
Columbus, OH, March 20, 2006 – Red Mortgage Capital, Inc., the mortgage lending arm of comprehensive capital provider RED CAPITAL GROUP, recently processed and funded an FHA Section 241(a) Insured Mortgage Loan for an existing multifamily property in Columbus, Ohio.
The Village Apartments, originally constructed in 1939 on a site that previously had served as a Victorian era amusement park for Columbus until the early 1900’s, was acquired and renovated in the mid- to late-1980’s by new ownership. The picturesque property, which won a City Beautiful Award in 1987, is built along the Olentangy River and currently consists of 404 unique one- and two-bedroom garden apartments offering hardwood floors and built in the Georgian style of architecture. The property also has 15 retail/commercial units, landscaped courtyards, tree lined streets and a center archway structure that is a replica from the statehouse in Williamsburg, Virginia. The Village is part of the Olentangy Village Apartment community, situated in the heart of Clintonville, an established and desirable suburb just 5 miles north of downtown Columbus. Common amenities include a swimming pool, tennis courts, clubhouse, fitness center, covered parking and garage parking.
Red Mortgage Capital, Inc., a top ten FHA/MAP Lender, was approached by the project sponsor to create a financing solution for their unique new construction and rehabilitation needs – they wanted to renovate vacant, second floor commercial space into 7 efficiency units and add a new structure that would contain 14 new, one-bedroom loft units and some commercial space on the ground floor.
To meet the need, Red Mortgage Capital, Inc. processed and funded a $2,202,900 FHA Section 241(a)supplemental loan through the U.S. Department of Housing and Urban Development’s ("HUD") Columbus office. Upon completion, which is slated for September 2006, the property will offer 425 multifamily units. The new loan’s maturity is coterminous with the original $12,814,400 FHA Section 223(a)(7) mortgage loan Red Mortgage Capital, Inc. provided for The Village in 2003, and which also was processed through the HUD Columbus office.
Friedl Bohm, Chairman of NBBJ, one of the world’s largest architectural firms, and speaking on behalf of the project’s owning entity said, "Once again we called on Red Mortgage Capital to assist us in structuring the optimal financing for further expansion of our Olentangy Village development. RED was very creative in structuring this supplemental loan with the Columbus HUD office to provide for the construction of both new residential loft apartments and retail space along the Clintonville High Street corridor of Columbus. It was a pleasure to once again work with RED."
