Columbus, Ohio-based Red Mortgage Capital recently provided a $13.3 million FHA Section 221(d)(4) non-recourse loan for a 192-unit Class-A property in Shepherdsville, Ken.
The fixed-rate financing covers the construction loan period as well as the 40-year, fully-amortizing permanent loan.
The Reserve at Thomas Glen Apartments is being built on about 17-acres in Bullitt County, located in northwest Shepherdsville. The sponsor/developer of the project is Louisville-based Poe Companies. The community will comprise one-, two- and three-bedroom units in eight three-story walk-up buildings.
Red’s lead banker on the financing, Ryan Duling said, “This is the second FHA-insured new construction project we have completed in roughly the past six months in the Louisville area, and we’re pleased to see it come to fruition.”
