News - 2006
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2006-045
Debt and Equity Provided for Multifamily Property in New Mexico from RED CAPITAL GROUP
Columbus, OH, October 24, 2006- Comprehensive capital provider RED CAPITAL GROUP recently arranged a financing package for a to-be-built multifamily development in Las Cruces, New Mexico. The financing package includes the syndication by Red Capital Markets, Inc. (MEMBER FINRA/SIPC) of $4,097,786 of LIHTC Tax Credit Equity, a $2,650,000 construction loan and a $2,486,100 Fannie Mae DUS™ forward commitment from Red Mortgage Capital, Inc., a top ten Fannie Mae DUS lender.
Located in Las Cruces, New Mexico, approximately 45 miles north of El Paso, Los Altos Apartments will consist of 72 units within nine, two-story buildings located on a 5.84 acre site. The buildings are a southwestern style with stucco exteriors and tile roofs. Unit amenities will include a refrigerator, range, dishwasher, disposal, central air conditioning and washer/dryer connections. Residents will enjoy a community room, swimming pool, playground, basketball court, and on-site management. The property is in close proximity to several grocery, retail merchants, and public parks.
Upon completion, which is anticipated in June of 2007, sixty units will be affordable to qualified residents who earn no more than 50% to 60% of area median income.
Los Altos Apartments is being developed by Daniel Terlecki, 100% owner of Bethel Development, Inc. Mr. Terlecki has over 20 years construction field experience and owns fourteen properties, all of which are financed with Red Capital Group. The property is managed by Kay-Kay Realty, which currently manages 26 tax credit properties.
