RED MORTGAGE CAPITAL PROVIDES $61M REFINANCE OF D.C. APARTMENT HIGH-RISE

WASHINGTON, D.C. — RED Mortgage Capital LLC, the lending entity of REDCAPITAL GROUP LLC, has provided a $61 million FHA refinancing package for Capitol Park Twins and Plaza, a 648-unit high-rise apartment building in Washington, D.C. RED Mortgage Capital arranged the long-term, fully amortizing loan under FHA’s 223(f) program on behalf of the borrower, Capitol Park Apartments LP (CPALP). CPALP was able to recapitalize $1.4 million for minor renovations as a result of the financing package. The transaction was also used to create a $2 million reserve for future capital needs.