News - 2006
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2006-052
The Gardens at Conway Commons Receives Comprehensive Financing for Development of Senior Property in Arkansas
RED Executes Layers of Complex Financing
Columbus, OH, December 6, 2006 - Various entities of comprehensive capital provider RED CAPITAL GROUP provided a construction loan, Low Income Housing Tax Credit (LIHTC) equity, an equity bridge loan, and a commitment for permanent financing for a to-be-built seniors property in Conway, Arkansas.
The Gardens at Conway Commons ("the Project") will offer 102 units in two, 3-story residential buildings situated on a 10.7-acre site in Conway, Arkansa , located approximately 25 miles north of downtown Little Rock. Common amenities include a clubhouse with kitchen, dining room, hair salon, walking trail, laundry facility, garages and carports, and supportive services. Units will contain central air conditioning, dishwasher, washer/dryer hook-ups and ceiling fans. Construction is expected to be completed in July 2007, and 81 units will be restricted and reserved for seniors households earning between 30% and 60% of the North Little Rock MSA Area Median Income (AMI).
Red Capital Markets, Inc. (MEMBER FINRA/SIPC) arranged for a $4,090,000 construction loan from Red CapitalCommunity Development Company, LLC and also served as equity placement agent to syndicate an allocation of $3,939,606 inlow income housing tax credits. A top ten Fannie Mae DUS lender, Red Mortgage Capital, Inc. provided a $3,635,500 Fannie Mae DUS Forward Commitment for permanent financing, and Red Capital Community Development Company, LLC provided $3,151,685 in equity bridge financing. The property will also benefit from additional proceeds provided by the Arkansas Development Finance Authority.
The project sponsors, Richard E. Simmons and Kenneth W. Fambro, II of Southlake, Texas-based Integrated Real Estate Group, have extensive experience with affordable housing and will control all entities involved in the project. Integrated Housing Solutions, LP is the developer of the project, Integrated Construction and Development, LP will oversee the construction, and Integrated Property Management will act as property manager.
David C. Martin, Senior Managing Director of Red Capital Markets said, "We are pleased to complete yet another successful transaction between Red Capital and the Principals of Integrated, and to provide several of our one stop shop financing tools. We look forward to continuing our long-term relationship with such a valuable customer as Integrated."
