Columbus, Ohio, February 13, 2008 — Red Capital Markets, Inc. (MEMBER FINRA/SIPC), the investment banking arm of comprehensive capital provider, RED CAPITAL GROUP, recently provided $6,017,000 of low income housing tax credit equity for the new construction of Enclave Gardens, a family tax credit project in San Antonio, Texas.
Enclave Gardens will be developed on an 8.22 acre site and will consist of ten three-story residential buildings containing a total of 288 units. 100% of the units will be set aside for families earning 60% of the area median income for the San Antonio metropolitan statistical area. Common amenities will include a clubhouse with central laundry, fitness facility, swimming pool and management offices. Unit amenities will include washer/dryer hookups, dishwashers, patio/balconies and air conditioning.
The project is sponsored by the San Antonio Housing Authority and Hogan Real Estate Services. Michael A. Hogan, Founder, President and Director of Hogan Property Company, Inc. dba Hogan Real Estate Services, has 36 years experience in development of industrial build-to-suit, industrial warehouses offices/service centers, apartments and office building construction. HomeSpring Residential Services, a Hogan Properties company, was formed in 1992 and will be managing the subject property. HomeSpring is currently responsible for the management of 6,000 units.
Dale E. Cook, Director of Red Capital Markets, Inc., said, "It has been a pleasure to have been involved with Mike Hogan from his very first venture into affordable housing. He has become a loyal and valued client, and the communities he has developed are a source of pride for his development and financial team members. Red has also formed a strong working partnership with the San Antonio Housing Authority, having closed several transactions in which SAHA is the owner and general partner. We are proud to assist in developing high quality housing to meet the growing need in San Antonio." |
