News - 2008
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Red Capital Markets Syndicates $4.17 Million to Provide Equity for the Acquisition and Rehabilitation of Churchill House, a 14-Story LIHTC Property in New York City
Sponsored by KBK Enterprises
Churchill House Apartments
New York, NY
Columbus, Ohio, May 22, 2008 — Red Capital Markets, Inc. (MEMBER FINRA/SIPC), the investment banking entity of comprehensive capital provider RED CAPITAL GROUP, recently syndicated $4,172,000 in low income housing tax credits to provide equity for the acquisition and rehabilitation of Churchill House Apartments in New York, New York.
Originally built in 1976 under the HUD Section 236 program, Churchill House Apartments contains one-, two- and three-bedroom units and 5,640 sq. ft. of commercial space. The project will be the beneficiary of a 20-year HAP contract and will be LIHTC restricted on 87 of the 98 units. Total development costs for the project are approximately $15 million.
Keith B. Kay Enterprises (KBK) was founded in Columbus, Ohio in 2004 and provides primarily turnkey real estate development services in targeted urban markets throughout the United States.
David C. Martin, Senior Managing Director of Red Capital Markets, Inc., said, "Churchill House has been a mainstay in the Harlem community for over 30 years. Unfortunately, over time the project has begun to feel the effects of its age. KBK provides the needed expertise to guide the General Partner through the LIHTC and Rehab Process. Their work will allow Churchill to receive the repairs and improvements necessary to continue this important source of affordable housing in Harlem. RED is very happy to have participated with KBK and Churchill House Management Corp. in preserving this important affordable housing property."
