News - 2007
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2007-009
RED Provides $29.4 Million Equity and Bridge Financing for Two New Construction Senior Facilities in Texas
Columbus, OH, May 29, 2007—Red Capital Markets, Inc. (MEMBER FINRA/SIPC), the investment banking entity 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 seniors properties in Texas.
Nacogdoches Vista Pines Apartment Homes will be a seniors (age 55+) facility consisting of 76 units housed in nineteen, one-story fourplex apartment buildings located in Nacogdoches, Texas, approximately 50 miles from the Louisiana border. Waco River Park Apartment Homes will consist of 124 senior units within 31, one-story fourplex buildings in Waco, Texas, located approximately 70 miles south of Dallas. Unit amenities at both facilities will include a range, refrigerator with ice-maker, dishwasher, central air conditioning, washer/dryer connections, and private patio/balcony. Common amenities will include a clubhouse with community room, swimming pool, fitness center, central laundry, on-site management, and private gate access. Texas Post Oak Residential Resources, LLC will provide Supportive Services at no cost to the residents and will offer Meals on Wheels, medical services, financing planning assistance and transportation. Upon construction completion, the majority of the units at both properties will be restricted and reserved for households earning no more than 30% and 60% of Area Median Income.
Red Capital Markets, Inc. syndicated the property’s allocation of $7,939,150 in Low Income Housing Tax Credits for Nacogdoches Vista Pines, and $11,819,930 in Low Income Housing Tax Credits for Waco River. To complete the financing, Red Capital Community Development Company, LLC, an affiliate of RED CAPITAL GROUP, provided $4,429,603 in equity bridge financing for Nacogdoches Vista Pines Apartments Homes and $6,595,000 for Waco River Park Apartment Homes.
Key Principal Michael Lankford of Lankford Interests, LLC has focused exclusively on LIHTC projects for the past 11 years and currently holds a portfolio of thirteen tax credit properties with over 1,400 units. Lankford Construction, LLC, will provide general contracting services and Lankford Property Management will act as property manager.
