News - 2007
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070669
RED Provides $25.6 Million Equity and Bridge Financing for Two Properties in Houston, TX
Columbus, OH, November 5, 2007 – Red Capital Markets, Inc. (MEMBER FINRA/SIPC), the investment banking unit of comprehensive capital provider RED CAPITAL GROUP, and Red Capital Community Development Company, LLC, provided low income housing tax credit equity and equity bridge financing for the new construction of two adjacent properties in Texas.
Mansions at Hastings Green will be a three-story apartment property with 11 buildings and 230 one-, two-, and three-bedroom units, located in Houston, Texas. Amenities include a walking path, picnic area, playground, common laundry, security gate, community room, fitness center, pool and 54 detached garages. Mansions at Hastings Green-Senior will consist of 252 one- and two-bedroom independent living units in a three-story, 8 building community, also located in Houston, Texas. Amenities for this project include walking path, picnic area, chapel, physical exam room, common laundry, security gate, community room, fitness center, library, pool and 60 detached garages.
Red Capital Markets, Inc. served as equity placement agent to syndicate $10,225,910 in Low Income Housing Tax Credits for Mansions at Hastings Green, and $8,740,650 in Low Income Housing Tax Credits for Mansions at Hastings Green-Senior. Red Capital Community Development Company, LLC, an affiliate of RED CAPITAL GROUP, provided $4,476,633 in equity bridge financing for Mansions at Hastings Green and $4,168,157 for Mansions at Hastings Green-Senior, and a combined $1,820,000 predevelopment loan for the properties.
Developer of the subject property, Burchfield Development Group, LP, headquartered in Houston, Texas, has been developing real estate since 1906 and is established as one of the leading developers of master planned commercial and residential communities in the Houston area.
Dale E. Cook, Vice President of Red Capital Markets, Inc., lead banker on the transaction said, "It was a tremendous pleasure and privilege to work with Burchfield Development Group. As Houston’s oldest real estate firm, with an illustrious history of more than 100 years, they bring expertise and deep experience to each transaction they undertake."
