COLUMBUS, Ohio--(BUSINESS WIRE)--
RED Capital Partners, LLC, the proprietary debt and equity banking arm of comprehensive capital provider RED Capital Group, LLC, announced that they have closed a $37.7M construction loan for a 336-unit, Class A multifamily housing project near New Albany, Ohio, a premier northeast suburb of Columbus.
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HQ Flats Building E Front Rendering (Graphic: Business Wire)
HQ Flats is being developed by CASTO, and will be located near the Hamilton Road and 161 interchange — a growing part of the Columbus metro.
CASTO is a long-time client of RED utilizing both FHA and Fannie Mae financing in the past. Since 2010, RED has closed more than $51M in FHA financings alone.
"We are thankful to the team at RED for a smooth execution and closing," said Brent Sobczak, CASTO’s Director of Multifamily Development & Financing. "The flexibility in terms offered by RED's balance sheet separated them from the competition. We are excited for the HQ Flats project and the entire Hamilton Quarter development."
“CASTO has been a long-time loyal customer of RED. We appreciate the opportunity to offer a loan solution for a project that had specific – and unique – construction requirements,” stated Andy Warnock, Director of Multifamily Housing.
“RED was able to provide CASTO with loan terms that a conventional bank could not. They needed non-recourse construction debt for a variety of reasons,” stated Warnock. “Banks simply cannot offer non-recourse at full leverage. As a result, a much needed multifamily project will be built to service a growing and vibrant business corridor in Columbus’ northeast suburbs.”
CASTO, a fully integrated real estate organization since 1926, is a recognized leader in the ownership, management, acquisition and development of multifamily residences, commercial shopping centers and office buildings. CASTO’s growing portfolio currently includes over 23 million square feet of commercial property and over 4,000 residential units located throughout the Midwest and southeastern United States. CASTO is headquartered in Columbus, Ohio and serves a variety of clients from five offices in Florida, North Carolina and Ohio. To learn more about CASTO, visit www.castoinfo.com.
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 $75 billion of integrated debt and equity capital since 1990 to the seniors housing and healthcare, 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, 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 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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