Working together to build better communities, RED Mortgage Capital, the mortgage banking arm of RED Capital Group, LLC, and National Church Residences coordinated a MAP and Lean closing for a refinance and renovation of Portage Trail Village, a property in Cuyahoga Falls, Ohio.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20161027006345/en/

Portage Trail Village (Photo: Business Wire)

Portage Trail is a 13 story, 183 unit HUD Section 202 apartment community with occupancy restricted to heads of household age 62+ or handicapped. The property was acquired by National Church Residences in 1991 and is 100% Section 8 subsidized.

National Church Residences is a strong believer in helping seniors age in place – allowing for transition to assisted living when and if the time requires it for its residents. With that idea in mind, under the Assisted Living Conversion Program (ALCP) through HUD, renovations were done in 2009 to convert the first six floors of the building to Assisted Living (AL) units. Floors 7-13 of the building maintained the Independent Living (IL) status.

The $3.1M FHA MAP Financing, paired with a $1.06M FHA Lean Financing provides for rehabilitation of the building. The process was a unique coordination requiring the building to be divided into two separate condominium facilities. The rehab for the AL units was funded through the Lean program and the IL units were funded under the MAP program. In addition, National Church Residences was able to leverage additional equity from Low Income Housing Tax Credits (LIHTC) and a $1M subordinate loan from the Ohio Housing Finance Agency.

“National Church Residences is thrilled to partner with RED on the rehab of Portage Trail. Their expertise was extraordinarily valuable,” stated Matt Rule, Senior Vice President of Development for National Church Residence. “We are especially excited that the Portage Trail campus will continue to allow our senior residents to have the option to age in place in independent units and, if appropriate, allow them to transition to assisted living units without ever leaving behind their community of friends or the building.”

“We firmly believe in helping our partners build better communities and work hard to find creative ways to help them succeed. This was a unique opportunity for RED to utilize our experience in both the Affordable Housing and Seniors Housing to complete the transaction for our friends at National Church Residences,” states Tracy Peters, Senior Managing Director for RED. “It is always a privilege to work with National Church Residences, and we look forward to working with them for years to come.”

To learn more about RED and the Affordable Housing team click here.

About RED CAPITAL GROUP, LLC

Recognized for its industry expertise, innovative and comprehensive structures, and consistently high rankings, RED Capital Group, LLC has provided over $72 billion of integrated debt and equity capital since 1990 to the seniors housing and health care, multifamily, affordable, and student housing industries through three operating companies.

RED Mortgage Capital, LLC is the nation’s #1 FHA/HUD MAP and Lean Lender by loan count in HUD FY2015 as well as a leading Fannie Mae DUS® and a Freddie Mac small balance lender with a mortgage servicing portfolio near $16 billion. RED Capital Markets, LLC (MEMBER FINRA/SIPC) is a leader in the distribution of Fannie Mae and Ginnie Mae Project MBS, and provides structuring, underwriting, placement, and advisory services for tax-exempt and taxable housing and health care bonds. RED Capital Partners, LLC provides proprietary debt and equity solutions, and asset management in a range of forms, including subordinated gap and bridge loans. RED Capital Group, LLC is a wholly-owned subsidiary of ORIX USA Corporation. Visit www.redcapitalgroup.com.

About ORIX USA Corporation

ORIX USA provides innovative capital solutions that clients need to propel their business to the next level. Based in Dallas, ORIX USA has a team of more than 600 employees spanning nearly 20 offices across the U.S. and Brazil. ORIX USA and its family of companies offer investment capital and asset management services to clients in the corporate, real estate, municipal and energy sectors, while holding $6 billion of assets and managing an additional $29 billion, approximately. Its parent company, ORIX Corporation, is a Tokyo-based, publicly owned international financial services company with operations in 37 countries and regions worldwide. ORIX Corporation is listed on the Tokyo (8591) and New York Stock Exchanges (IX). For more information on ORIX USA, visit www.orix.com.

DUS® is a registered trademark of Fannie Mae

RED Capital Group, LLCLisalynne Quinn, +1 469-385-1434Director of Marketingllquinn@redcapitalgroup.com

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