Red Mortgage Capital LLC, the mortgage banking arm of Red Capital Group LLC, provided a $190.8 million non-recourse construction and permanent loan to Apartment Investment and Management Co. (Aimco) for Lincoln Place, an apartment community in Southern California that will be rehabilitated and expanded.
The loan represents the largest FHA Section 221 (d)(4) unsubsidized loan ever insured by the U.S. Department of Housing and Urban Development.
The Lincoln Place project, located near Venice, Calif., will include the rehabilitation of 696 existing multifamily units and the construction of additional 99 units, plus a 5,033-sq.-ft. leasing center and a 6,100-sq.-ft. recreation and pool area. The property was originally developed between 1949 and 1952 as a Section 608 Project, according to FHA guidelines.
“We are excited that the Lincoln Place redevelopment is now underway,” said Patti Fielding, executive vice president and treasurer of Aimco, in a statement. “We have been involved with this project for many years and have worked closely with the City of Los Angeles, HUD Los Angeles field office and Red Capital to bring the financing to fruition. We could not be more pleased with the final terms of the loan or the collaboration between Red Capital, HUD and Aimco.”