News - 2006
2009 | 2008 | 2007 | 2006 | 2005
2006-047
Del Sol Apartments Receives $7.2 Million Acquisition/ Rehabilitation Financing
RED Provides LIHTC Equity on San Diego Multifamily Property
Columbus, OH, November 10, 2006- Red Capital Markets, Inc. (MEMBER FINRA/SIPC), the investment banking entity of c omprehensive capital provider RED CAPITAL GROUP, provided LIHTC equity to finance the acquisition and rehabilitation of a multifamily property in California.
Del Sol Apartments consists of 93 units housed within 14, two-story walk-up buildings. The property, originally constructed in 1973, is located in San Diego, California, approximately 3 miles northwest of the International Border of Mexico. Red Capital Markets, Inc. purchased $7,292,470 in low income housing tax credits. The proceeds will allow for significant renovations and improvements including replacement of kitchen counter tops and cabinets, bathtubs, windows, carpet and vinyl flooring, water heaters, installation of smoke detectors, interior and exterior repainting, landscaping, and the construction of a new 2,500-square foot community building and playground. To complete the renovations, four smaller units will be converted into two larger units which will bring the total unit count down to 91. Del Sol has 11 units that benefit from HOME Funds provided through the San Diego Housing Commission. Completion of improvements and additions is anticipated by May 2007.
Evan Becker, Managing Director of Red Capital Markets, Inc. said, Wakeland did a remarkable job tackling this complex preservation project, and it was a pleasure to work again with a developer that manages its projects so well. With the key support of the Housing Commission, this effort achieves a critical goal for our community in terms of preserving affordable housing."
Kenneth Sauder, President of Wakeland Housing Development Corporation said, "Wakeland has been successful in combining a variety of funding sources to acquire and do major rehab on the 93-units at Del Sol Apartments. Wakeland works with Red Capital because Red is a high quality investor that pays attention to detail to assure that the families living in Del Sol will have a safe, secure place to live."
