News - 2007

Columbus, OH, October 2, 2007 — Red Capital Markets, Inc. (MEMBER FINRA/SIPC), the investment banking entity of comprehensive capital provider RED CAPITAL GROUP, syndicated low income housing tax credits ("LIHTC") and underwrote the tax-exempt bonds for a to-be-built senior’s property in Fort Worth, Texas.

HomeTowne at Matador Ranch will consist of 198 affordable garden-style apartment units within one three-story building, offering one- and two-bedroom options. All units will be reserved for renters age 62 and up. Upon construction completion, 191 units will be reserved for and affordable to residents earning no more than 60% of Area Median Income ("AMI"), and the remaining nine units will also be reserved for residents at 60% AMI but will have affordability as low as 50% AMI levels. Common amenities will include a clubhouse, fitness center, swimming pools, putting green, walking trail, senior activity center, and social services operated by Comunidad Corporation – a Texas non-profit Community Housing Development Organization. Each unit will include a dishwasher, garbage disposal, refrigerator/freezer with ice maker, laundry connections, window coverings, and nine-foot ceilings with a ceiling fan. Carports and garages are also available for an additional fee.

Red Capital Markets, Inc. syndicated the property’s allocation of $5,510,375 in LIHTC, and structured and placed $10,935,000 in tax-exempt bonds issued for the project by Tarrant County Housing Finance Corporation. Matador Ranch will also receive $650,000 in HOME Funds from the City of Fort Worth.

Richard E. Simmons and Kenneth W. Fambro, of Texas-based Integrated Real Estate Group, have extensive experience in affordable housing and have partnered with Comunidad Corporation to develop HomeTowne at Matador Ranch. Entities affiliated with Mr. Simmons and Mr. Fambro will take the lead as developer and general contractor, and Comunidad Corporation will be the managing general partner.

Kenneth W. Fambro, II, Vice President of Integrated Real Estate Group said, "As always, it was a pleasure to work with the team from Red Capital. Their expertise and hard work allowed us to quickly get through the issues that arise in a transaction of this nature, and get to the closing table in a timely manner. We at Integrated look forward to our continued relationship with RED."

David C. Martin, Senior Managing Director of Red Capital Markets, Inc. said, "We are excited to again partner with both Integrated Real Estate Group and Comunidad Corporation to construct affordable senior housing. I continue to be amazed by the high quality of housing developed by this team."