Columbus, OH April 28, 2017 – 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.
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 multi-family 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.
For more information on RED Capital Group, LLC, please contact: Lisalynne Quinn, Director of Marketing, RED Capital Group, LLC, +1 469 385 1434