News - 2008
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080173
Red Capital Markets Provides $7.3 Million LIHTC Equity to KDF Communities, LLC
Acquisition, Rehabilitation and Conversion of Market Rate Apartments to LIHTC
Charter Court Apartments
San Jose, California
Columbus, Ohio, April 30, 2008 — Red Capital Markets, Inc. (MEMBER FINRA/SIPC), the investment banking entity of comprehensive capital provider RED CAPITAL GROUP, recently syndicated $7,373,000 in low income housing tax credit equity for the acquisition and rehabilitation of Charter Court Apartments in San Jose, California.
Charter Court Apartments, constructed in 1974, consists of 8 two-story buildings containing 94 units, a clubhouse and three laundry facilities. Units will be restricted to 50% and 60% of the area median income. The scope of work includes 100% new appliances, replacement flooring, new plumbing and light fixtures, roof repairs, exterior and interior paint, clubhouse improvements, and a new playground. Rehabilitation will be performed with tenants in place.
Red Capital Markets, Inc. was also appointed remarketing agent for the $15,400,000 in variable rate demand multifamily housing revenue bonds issued by the California Statewide Communities Development Authority.
As a residential housing developer, KDF Communities has been involved in the construction, acquisition and rehabilitation of more than 4,300 rental units in 25 cities in the state of California.
Joseph V. DeGaetano, Director of Red Capital Markets, Inc., stated, "KDF's expertise in the acquisition and rehabilitation of apartment communities in the California market is outstanding. RED is very happy to have participated with KDF on Charter Court and look forward to seeing the end result of their work."
