News - 2006

Columbus, Ohio, July 17, 2006 — Red Capital Markets, Inc. (MEMBER FINRA/SIPC), the investment banking arm of comprehensive capital provider RED CAPITAL GROUP, recently arranged investment equity for $4.7 million of low income housing tax credits ("LIHTC") generated by a newly constructed seniors housing development in Wheeling, West Virginia.

Providence Greene, Phase I is the first LIHTC/seniors affordable housing community in Wheeling that does not rely on other forms of subsidy. The site location is excellent, offering unobstructed, sweeping views of the Ohio River, Wheeling Island, and the Ohio shoreline. A paved community bike/walking path borders the property, running along the Ohio River bank and feeding into the Wheeling path system. Providence Greene is situated between North Wheeling and downtown Wheeling, providing residents with convenient access to amenities and services. The project is sponsored by The Woda Group, LLC.

Providence Greene, Phase I consists of one three-story building with fifty affordable seniors units. The floor plans offer one- and two-bedroom units, including eight two-bedroom units that contain a den/third bedroom. All project units are rent- and income-restricted, with thirteen units set aside for senior households earning 50% of Area Median Income or less, and 37 units set aside for senior households earning 60% of Area Median Income or less. Each unit includes a refrigerator, dishwasher, washer/dryer connection, window treatments, private patio/balcony, and wiring for cable. The property also includes a community room, coin-operated laundry room, on-site management, and elevator access to the second and third floors. Construction was completed in December 2005, and the property is now leasing.

The Woda Group is an experienced rural and small-market developer and operator with a sizable portfolio in Ohio, Kentucky, and West Virginia. This is the second project sponsored by The Woda Group to obtain financing from Red Capital Markets, Inc.

David Cooper, a Principal at The Woda Group said, "We had already completed construction and begun leasing, and we needed to close with an investor quickly in order to preserve our full equity raise. Red Capital had already completed underwriting, and upon receiving our request to close, Red Capital sprinted to the finish. It's good to have an equity partner we can rely on in a crunch, and we look forward to future transactions with Red Capital."

David Martin, Senior Managing Director of Red Capital Markets said, "Providence Greene is an attractive property including well appointed units. This is a great example of the quality of housing the LIHTC program can produce in the hands of great companies like The Woda Group."