COLUMBUS, Ohio, Sept. 24, 2020 /PRNewswire/ -- RED Mortgage Capital, a division of ORIX Real Estate Capital (OREC), has provided a $39.3 million Federal Housing Administration (FHA) refinance for Liberty BLVD, a 266-unit multifamily family apartment community in Salt Lake City, Utah.
Liberty BLVD is a luxury mixed-income mid-rise apartment property with a walkable location in the east side of downtown Salt Lake City. Liberty BLVD features 3,900 square feet of commercial space with a fast casual restaurant and resident-specific amenities, including a lounge, fitness center, swimming pool, sun deck, and roof terrace with city views.
"Liberty BLVD is a premier community and the successful $39 million FHA refinance will only strengthen its bright fiscal outlook," said Richard Andrews, senior managing director with RED, who led the transaction along with RED colleague David Goodman.
The FHA Section 223(a)(7) loan refinanced existing debt derived from the property's FHA Section 207/221(d)(4) financing in 2016. The reduced interest rate from the refinance will result in meaningful additional cash flow derived from the asset.
"We've had the privilege of providing financing to Dan Lofgren and the Cowboy Partners team for 20 years," said Goodman, senior advisor at RED. "Throughout our partnership we have been proud to be a part of some very innovative financing solutions for rock-solid assets, including this structure that includes precious affordable housing."
Liberty BLVD, which sits directly adjacent to a light rail stop and is equidistant to the University of Utah, has been enthusiastically embraced by its local market, in part due to its affordability component. Twenty percent of the units are restricted to households at 50 percent area median income (AMI) without relying on low-income housing tax credits (LIHTCs).
About RED Mortgage Capital
RED Mortgage Capital, a division of ORIX Real Estate Capital (OREC), provides targeted financial services in the multifamily and affordable housing markets. OREC, the combined company of RED, Hunt Real Estate Capital, and Lancaster Pollard, provides specialized capital solutions for multifamily, affordable, seniors and healthcare real estate together with its affiliated companies. OREC is a subsidiary of ORIX Corporation USA. For more information, visit www.orixrealestatecapital.com.
Tyler Howard, 614-224-8800
ORIX Real Estate Capital
SOURCE RED Mortgage Capital