RED Continues Strong Relationship with National Church Residences with a MAP & Lean Closing for Independent & Assisted Living...
October 27 2016 - 12:32PM
Business Wire
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.
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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
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version on businesswire.com: http://www.businesswire.com/news/home/20161027006345/en/
RED Capital Group, LLCLisalynne Quinn, +1 469-385-1434Director
of Marketingllquinn@redcapitalgroup.com
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