News - 2008

Columbus, Ohio, March 28, 2008 — Red Capital Markets, Inc. (MEMBER FINRA/SIPC), the investment banking entity of comprehensive capital provider RED CAPITAL GROUP, recently syndicated $9,628,000 in low income housing tax credit equity for Los Vecinos Apartments, sponsored by Wakeland Housing & Development Corp.

Los Vecinos will be developed on a 1.35 acre site and will consist of one three-story building containing 42 one-, two-, and three-bedroom units. The units will be restricted to combinations of 30%, 45%, 50% and 60% of the Area Median Income. Photovoltaic (solar) panels will be installed on the roof of the apartment building and carports. The energy generated by the panels is estimated to reduce the electrical expense inside of the tenant’s units by approximately 72%, providing a significant competitive advantage in attracting tenants. Los Vecinos is one of four multifamily developments to receive technical assistance through the Zero Energy New Homes (ZENH) program which is a research project sponsored by the Public Interest Energy Research division of the California Energy Commission and will be LEED (Leadership in Energy and Environmental Design) certified.

Wakeland Housing & Development Corp. was established in 1999 as a nonprofit corporation to develop quality affordable housing projects with resident-education programs for low-income families and has developed, acquired and rehabilitated over 5,000 units of affordable housing.

Ken Sauder, President of Wakeland Housing & Development Corp., stated, "Los Vecinos (The Neighbors) is a unique affordable housing development that will be a catalyst in helping spur development on South Broadway in Chula Vista by removing an abandoned hotel and replacing it with a 42-unit affordable housing project. With Wakeland as the developer and Red as the equity investor, and with tremendous support from the City of Chula Vista, Los Vecinos will also be a "good neighbor" to the environment by installing a photovoltaic system that will generate its own electricity while conforming to a variety of high environmental standards including LEED Silver Certification. Red Capital is a quality organization that continues to provide quality support to Wakeland.."

Evan E. Becker, Managing Director of Red Capital Markets, Inc., said, "It is pleasure to continue our work with Wakeland. Their capability continues to grow, and that is reflected by Los Vecinos. The project is a wonderful example of many successes achieved simultaneously – community revitalization, alternative energy production and conservation, resident support programs and, of course, housing affordability. It makes us extremely proud to be a part of something like this in one of our Red San Diego neighborhoods."