RED Mortgage Capital, LLC recently provided an FHA-insured 221(d)(4) mortgage loan for the rehabilitation of Harrisburg Station Apartments in Grove City, Ohio, for Colonial American Development Corporation.
The FHA-insured loan was provided as part of a complex financing package that also included 9 percent Low Income Housing Tax Credits along with Flex and Housing Development Assistance Program loans provided by the Ohio Housing Financing Agency.
Harrisburg Station is an existing 60-unit 100-percent Section-8 apartment complex that was originally constructed in 1972. The rehabilitation will generate more than $44,000 a unit to be spent on repairs and improvements.
These improvements will include the replacement of windows, doors, flooring, kitchen cabinets, countertops, vanities and appliances, as well as the installation of new Energy Star® split-system heat pumps.
