News - 2008
2009 | 2008 | 2007 | 2006 | 2005
080161
RED Provides $11.8 Million Equity and Bridge Financing for the New Construction of a Property in Los Angeles, California
Advanced Development and Investment, Inc. to Develop Phase II of Manitou Vistas
Columbus, Ohio, April 18, 2008 — Red Capital Markets, Inc. (MEMBER FINRA/SIPC), the investment banking entity of comprehensive capital provider RED CAPITAL GROUP, recently provided $7,053,000 in low income housing tax credit equity and Red Capital Community Development Company, LLC, provided $4,760,000 in equity bridge financing for the new construction of Manitou Vistas Phase II, in Los Angeles, California.
Manitou Vistas II, situated in the Lincoln Park neighborhood of Los Angeles, will contain 21 four-bedroom units with set asides for tenants at or below 30%, 40%, 50% and 60% of the area median income. Common amenities include a laundry room, community room, tot play area and underground parking. The project is immediately adjacent to Manitou Vistas Phase I, an LIHTC project also being developed by Advanced Development and Investment, Inc. for which RED also provided the equity and bridge financing.
Evan E. Becker, Managing Director of Red Capital Markets, Inc., said, "This is a wonderful complement to Phase I and adds more well-located, highly affordable units to the Lincoln Park community. Red is fortunate to have this opportunity to continue working with ADI, as they continue to be one of country's most effective affordable housing developers."
