News - 2009
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January 30, 2009
080594
RED Provides $8.2 Million LIHTC Equity and $4.6 Million Fannie Mae Acquisition/Rehab Financing for Affordable Property
Royal American To Develop Country Oaks Apartments in Tampa, Florida
Country Oaks Apartments
Tampa, Florida
Red Capital Markets, Inc. (MEMBER FINRA/SIPC) and Red Mortgage Capital, Inc. respectively, the investment and mortgage banking entities of comprehensive capital provider RED CAPITAL GROUP, recently syndicated $8,220,000 in low income housing tax credit equity and provided a $4,600,000 immediate funding Fannie Mae permanent loan for the acquisition and substantial rehabilitation of Country Oaks Apartments, which has a 100% HAP contract in place from HUD.
Situated on 10.35 acres, Country Oaks Apartments consists of five one-story and sixteen two-story residential buildings, containing 148 one-, two- and three-bedroom units, and one community building. Unit renovations will include new appliances, flooring, fixtures, cabinets, countertops, bathtubs, sinks, toilets and installation of tankless water heaters. Building renovations include as needed roof and drywall replacement, stucco and woodwork restoration and additional insulation added to each attic. The current leasing office/laundry facility will be converted to a clubhouse with fitness center, computer area, leasing office and laundry facility. New fencing and landscaping will be added, the basketball court will be resurfaced, and a new playground and shuffleboard court will round out the amenities package for this affordable community.
Royal American Development, LLC has 40 years of multifamily development experience spanning 112 residential communities. Royal American Construction, Inc. will handle renovations to the property and Royal American Management, Inc. will manage the property.
Alison Kerr-Hull Colvard, Vice President of Red Capital Markets, Inc. said, "It was a pleasure to close our second transaction with Royal American. A quality developer and a great Red team made the preservation of this affordable housing community a reality."
