RED Mortgage Capital and RED Capital Markets have provided a $1.7 million FHA section 221(d)(4) mortgage and $5.5 million tax-exempt bond financing for the Parqwood Apartments in Toledo, Ohio, sponsored by Lucas Metropolitan Housing Authority.
Parqwood Apartments is a proposed rehabilitation of a public housing community located at 2125 Parkwood Ave. in Toledo. The project is a low-income, age restricted (age 55+) apartment community that consists of 134 units in a three-story elevator building (with basement) and an adjoining one-story community building.
The community, operated by the housing authority, will be converted from public housing units into Section-8 rental subsidized units under the Rental Assistance Demonstration (RAD) program. RAD is a central part of HUD’s rental housing preservation strategy, which works to preserve the nation’s stock of affordable rental housing, promote efficiency within and among HUD programs, and build stable communities.