News - 2008
071020
Low Income Housing Tax Credit Equity Syndicated for Aurora, Colorado Property
Columbus, OH, November 16, 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") for the acquisition/rehab of 179 garden-style units.
Terrace Park Apartments, located in Aurora, Colorado, was constructed in 1983 and is situated on 8.15 acres. The rehabilitation of this property will replace non-structural components and will be completed with tenants in place. Units will offer dishwashers, air conditioning, washer & dryer hookups and fireplaces.
Red Capital Markets, Inc. syndicated the property’s allocation of $5,472,440 in LITHC, which was made available in conjunction with tax-exempt bonds issued by the Colorado Housing and Finance Authority.
McDermott Properties, LLC, the project developer, owner, manager and sponsor, is a corporation focused on the development of multifamily and senior affordable housing projects, with over thirty years experience in the real estate development and property management fields. Aurora Housing Authority, a non-profit organization, is part owner of the project.
Arthur McDermott, President of McDermott Properties, Inc., said "One of the keys to success in an acquisition/rehab project utilizing tax credits is making sure that you have an experienced tax credit investor that understands real estate development, rehab construction, financing and the market place. Red Capital has these bases covered in spades. Red’s involvement in Terrace Park makes it a much stronger deal. We are extremely pleased to have Red Capital on our team."
Dale E. Cook, Director, Red Capital Markets, Inc., said "Red Capital is extremely pleased to partner once again with the McDermott organization in the acquisition and rehabilitation of Terrace Park. We continue to be impressed by the excellent cooperation and coordination which the McDermott team is able to "quarterback" with the various financing sources, state agencies, and municipalities. Clearly McDermott has become one of the most effective and well respected development groups in Colorado."
Terrace Park Apartments
Aurora, Colorado
