Columbus, Ohio, March 12, 2008 — Red Capital Markets, Inc. (MEMBER FINRA/SIPC), the investment banking arm of comprehensive capital provider RED CAPITAL GROUP, provided $6,750,000 in low income housing tax credit ("LIHTC") equity for the acquisition and renovation of Panorama East Apartments.
Originally built in 1967, Panorama East Apartments, was the first HUD 202 project in the State of Kentucky. The project is a 14-story building containing 143 studio and one bedroom units. The rehabilitation will include reconfiguration of each floor to result in 104 units by combining studio units into one bedroom units. Half of the units will be restricted to 50% of the area median income and the other half will be restricted to 60%. The rehab will include approximately $58,000 per unit in hard cost improvements. Significant common amenities will include elevator service, laundry room, community room, on-site beauty salon, senior center, restaurant, management and senior activities. Unit amenities will include an electric range, refrigerator, central air and new flooring.
Kentucky Senior Citizens Apartments, Inc. ("KSC") and affiliated entities will serve as developer, general partner, property manager and guarantor. KSC is a 501(c)(3) non-profit corporation which was established in 1964 to build and manage housing for senior citizens. KSC has managed the subject property since its inception.
David C. Martin, Senior Managing Director of Red Capital Markets, Inc., stated, "For over 40 years, Panorama East Apartments has served as a source of safe, affordable housing for seniors in Covington. This closing will allow KSC to provide the needed rehabilitation for the property to continue to meet the needs of seniors in the community. RED is very pleased to have partnered with KSC, on such a meaningful project." |
