Dallas, TX (PRWEB) June 11, 2014
RED Mortgage Capital, LLC, the mortgage banking arm of RED Capital Group, announced today that it provided a $58.8 million FHA section 221(d)(4) mortgage to San Francisco based Emerald Fund, Inc. for 101 Polk Apartments in downtown San Francisco. The city is the most densely settled large metropolitan area in the state of California and housing demands continue to be a challenge for the Bay Area.
Serving as both the developer and management agent, Emerald Fund, Inc. will construct and deliver 162 units of new Class-A housing, of which 19 units will be affordable to residents earning no more than 55% of area median income, to the downtown San Francisco area. Located in the Civic Center/Mid-Market District of San Francisco, which is undergoing significant revitalization, this project will provide desperately needed housing. The 162 unit complex will be located on .30 acres, and consist of a 13-story residential structure with a subterranean parking garage. The area surrounding the Civic Center/Mid-Market District consists of a mixture of commercial and residential development with office and multifamily developments transforming the neighborhood into a desirable live, work and play location. Many high-tech companies such as Twitter, Dolby Laboratories, Yammer and Zoosk also have an established presence in the immediate area. As well, the neighborhood includes many cultural amenities and performing arts facilities alongside City Hall, the Veteran’s War Memorial building and several state and federal government offices.
Rick Andrews, RED Mortgage Capital, LLC said, “The City of San Francisco is a challenging market for new construction due to its onerous entitlement, plan review, and development approval process. By utilizing RED Capital Group’s extensive experience and long relationship with HUD, we were able to help Emerald Fund, Inc. navigate the loan process to a smooth finish.” Andrews went on to say, “Working with Emerald Fund again was a real pleasure. Their professionalism, attention to detail and team work prove them an asset to the San Francisco housing market.”
Marc Babsin, Emerald Fund, Inc. commented, “RED Capital Group did a truly excellent job of managing every step of the HUD application and review process. They identified issues before they arose and helped us get to solutions.” Babsin continued, “RED has an excellent working relationship with the local HUD office, which helped make the process easier. Thank you for the superb effort and execution.”
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 $55 billion of integrated debt and equity capital since 1990 to the multifamily, student and seniors housing, and health care industries through three operating companies. RED Mortgage Capital, LLC is a leading Fannie Mae DUS® and MAP- and Lean-approved FHA lender with a mortgage servicing portfolio of more than $17.8 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, a subsidiary of ORIX USA Corporation, is headquartered in Columbus, Ohio.
About ORIX USA Corporation
ORIX USA Corporation is a diversified financial company with approximately $6 billion of assets in sectors spanning commercial finance, venture finance, commercial real estate and public finance, as well as $25 billion of assets managed for others. Operating subsidiaries include Houlihan Lokey, RED CAPITAL GROUP and Mariner Investment Group. Headquartered in Dallas, Texas, ORIX USA and its subsidiaries have more than 1,400 employees and offices in major cities including New York, Los Angeles, London and Tokyo.
ORIX USA is a wholly owned subsidiary of ORIX Corporation, a Tokyo-based, publicly owned international financial services company with operations in 35 countries worldwide. ORIX Corporation is listed on the Tokyo (8591) and New York Stock Exchanges (IX). For more information on ORIX USA, visit http://www.orix.com.
DUS® is a registered trademark of Fannie Mae.