News - 2006
Phase Two of Clarksville Revitalization Effort Begins in Downtown Louisville with Multiple-Property Site
Liberty Green Apartments Commences Construction as Part of 725-Unit Integrated Affordable Neighborhood Project
Columbus, OH, December 1, 2006- Red Capital Markets, Inc. (MEMBER FINRA/SIPC), the investment banking entity of comprehensive capital provider RED CAPITAL GROUP, and Red Capital Community Development Company, LLC, provided low income housing tax credit equity and predevelopment bridge loan financing, respectively, for the construction of a multifamily property in Louisville, Kentucky.
Liberty Green Apartments will consist of 76 affordable housing units built in 15 building types including townhouses, duplexes, a single-family residence, and a few small apartment buildings, all located within a two-block neighborhood area. The project is the second phase of a multi-phase plan in downtown Louisville. In-unit amenities at Liberty Green will include washer/dryer hookup, disposal, refrigerator, dishwasher, window blinds, carpeting, ceiling fans, and private patio/balcony in select units. A variety of faade styles including Classical, Victorian, and Italianate will be used to provide the diversity of a traditional neighborhood.
The vision for the 5-phase project was supported by a collaboration of existing residents, citizens of the community, architects, developers, and government officials that worked together to develop plans for the future site known as the Clarksdale Redevelopment ("the Project"). LouisvilleMetro Housing Authority currently owns the property on which all phases of the Project will be constructed, and once completed, will incorporate a pedestrian friendly, and visually appealing urban feel with 725 total units in a 12-block region. The revitalization includes plans for a community center with gymnasium, fitness facilities and a variety of recreational, educational, and after-school programs. The Project also benefits generously from HOPE VI proceeds that were granted in 2003 and 2004.
Red Capital Markets, Inc. syndicated the property's allocation of $6,968,000 in Low Income Housing Tax Credits and Red Capital Community Development Company, LLC, an affiliate of RED CAPITAL GROUP, provided $500,000 of interim bridge financing.
Darnell L. Jackson, Assistant Office Director for The Community Builders, the master developer for the 5-phase project said, " I am pleased to have Red Capital as our equity partner. Their commitment to affordable housing is quite evident."
David C. Martin, Senior Managing Director of Red Capital Markets said, "This deal required the cooperation of a variety of participants that were all committed to providing a valuable housing resource to the community. With the high quality design of these newly constructed homes, Liberty Green will serve low-income residents in Louisville for years to come and we are pleased to have contributed to its success."