News - 2006
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2006-009
RED CAPITAL GROUP Provides $2.4 Million Acquisition and Rehabilitation Financing for Multifamily Property in Columbus
Columbus, OH, March 30, 2006— Comprehensive capital provider RED CAPITAL GROUP recently arranged LIHTC equity for a property to be developed by Columbus-based Wallick Partners, LLC.
Griggs Village Apartments contains 44 multifamily units in six, one-story buildings. The facility, originally constructed in 1970, is located in the Franklinton neighborhood of Columbus, Ohio, and was originally financed using the HUD 236 program. Red Capital Markets, Inc. (MEMBER FINRA/SIPC) purchased $2,407,380 in Low Income Housing Tax Credits. The proceeds will allow for significant renovations and improvements including the addition of 74 square feet of living space, and expansion and reconfiguration of the kitchen and bathroom space. To complete the improvements, each unit will receive new bathroom fixtures, kitchen cabinets, countertops, appliances, plumbing, roofs, windows and doors, and air conditioning. Construction completion is anticipated in December 2006.
Wallick Partners, LLC, acquired the property from Wallick Companies, the original developer. Wallick Partners, LLC is an experienced rural and small-market developer and operator with a portfolio of assets in Ohio, Kentucky, and Indiana. Affiliates of the Wallick Companies will serve as general contractor and property manager.
Sanford Goldston, Chairman of Wallick Companies said, "Doing business with RED CAPITAL is like having a partner. Their ability to perform all of the services necessary to get a project put together, financed and closed is impeccable. It goes without saying that the more than twenty projects I have been involved in with RED CAPITAL over the years have all moved forward through the efforts of RED CAPITAL and their personnel. Anyone who thinks developing projects in this era of creative financing and legal entanglements can do it without the assistance of professionals like RED CAPTIAL will soon learn that it is nigh on to impossible."
