RED Provides $31.75M FHA Section 221(d)(4) Loan & Underwrote $39.73M of Tax-Exempt Bonds For Courtyard at Riverview in Phila...
February 13 2017 - 2:00PM
Business Wire
RED Mortgage Capital, LLC, the mortgage banking arm of
RED Capital Group, LLC, announced today that it has closed a
$31.75M FHA Section 221(d)(4) loan and RED Capital Markets,
LLC, the investment banking arm of RED Capital Group, LLC,
underwrote $39.73M of tax-exempt bonds for the rehabilitation of
Courtyard at Riverview in Philadelphia, PA. This project is being
redeveloped by The Michaels Organization, a long-standing client of
RED’s, in partnership with the Philadelphia Housing
Authority. The bonds were issued by the Pennsylvania Housing
Finance Agency.
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City, State, and Federal Officials, along
with Courtyard residents join executives of The Michaels
Organization for the revitalization celebration of Courtyard at
Riverview. (Photo: Business Wire)
The transaction involved careful coordination between bonds, tax
credits, sub-debt, FHA and the Housing Authority. It was processed
in conformance with the MAP guidelines for properties seeking FHA
Section 221(d)(4) mortgage insurance in conjunction with the Rental
Assistance Demonstration (RAD) program. The project also included
both senior and family units.
This complex transaction represents one of the largest RAD
projects in Pennsylvania and a significant deal for RAD
transactions across the country.
“We are always happy to work with our long-time partner, The
Michaels Organization to revitalize a property,” stated Matt
Napoleon, Managing Director for RED. “Because RED
provided the Bond Underwriting and is the FHA lender in the deal,
we were able to provide continuity to the process that allowed us
to close in record time. It was through careful coordination with
our team, the Department of Housing and Urban Development (HUD)
team and our partners at The Michaels Organization that we could
make this a reality in a short time frame.”
Courtyard at Riverview sits on approximately 13 acres and is a
470 unit multifamily complex that includes a 26 story high-rise and
37 two-story townhouse buildings. The complex includes 165 senior
unit high rise apartments and 305 modern low-rise homes.
“We are proud to be an integral part of the revitalization of
this area in Philadelphia, enhancing the community and improving
the lives of our residents,” stated John J. O’Donnell, President of
The Michaels Organization. “The RED team did a great job of
streamlining the process of this very complex deal to close this
RAD loan within record time and help The Michaels Organization
achieves its goals.”
The RAD program through HUD seeks to preserve public housing by
providing Public Housing Agencies (PHAs) with access to more stable
funding to make needed improvements to properties. It allows public
housing agencies to leverage public and private debt and equity to
reinvest in the public housing stock. To learn more about the RAD
program 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 $74 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 a Fannie Mae DUS® and MAP-
and Lean-approved FHA lender with a mortgage servicing portfolio
exceeding $16 billion. RED Capital Markets, LLC (MEMBER
FINRA/SIPC) is active in the distribution of Fannie Mae and Ginnie
Mae Project MBS, and provides structuring, underwriting, and
placement 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 subsidiary of ORIX USA Corporation. For more
information on RED Capital Group, LLC, visit our website at:
http://www.redcapitalgroup.com
About ORIX USA Corporation
Since 1981, ORIX USA has provided 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 700 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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RED Capital Group, LLCLisalynne Quinn,
+1-469-385-1434Director of
Marketingllquinn@redcapitalgroup.comwww.linkedin.com/in/lisalynnequinn
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