News - 2008
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080402
Country Club Apartments Receives $7.5 Million Acquisition/ Rehabilitation Financing
RED Syndicates LIHTC Equity for Oceanside, California Property
Columbus, Ohio, August 13, 2008 — Red Capital Markets, Inc. (MEMBER FINRA/SIPC), the investment banking entity of comprehensive capital provider RED CAPITAL GROUP, recently syndicated $7,574,000 in low income housing tax credit equity for the acquisition and rehabilitation of Country Club Apartments, sponsored by Wakeland Housing & Development Corporation.
Country Club Apartments of Oceanside, California was constructed in 1974 and consists of one two-story building containing 90 affordable units. The project will undergo substantial rehabilitation at approximately $63,153 per unit. Improvements include, but are not limited to, roof replacement, new refrigerators, dishwashers, countertops and sinks, kitchen cabinets, ranges, bath fixtures, vanities and electrical heaters in all units.
Wakeland Housing & Development Corporation 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 and Development Corporation, said, "Wakeland, RED and the City of Oceanside were able to work together to meet the various challenges involved in closing this deal. Wakeland is very appreciative of the strong financial commitments met and kept by both the city of Oceanside and RED."
Evan E Becker, Managing Director of Red Capital Markets, Inc., stated, "This was a high profile, challenging transaction. The ability of Red and Wakeland to work together effectively proved itself again in achieving a successful closing. The City of Oceanside was a major factor in the success, not only with its financial support , but also for its active role in working through the challenges."
