February 15, 2017
RED Capital Group LLC both closed a $31.75 million Section 221(d)(4) loan, and underwrote $39.7 million of tax-exempt bonds to rehabilitate the Courtyard at Riverview in Philadelphia PA. The Michaels Organization, in partnership with the Philadelphia Housing Authority, are redeveloping the project. The bonds were issued by the Pennsylvania Housing Finance Agency. The transaction represents one of the largest Rental Assistance Demonstration (RAD) programs in Pennsylvania.
The 470-unit Courtyard at Riverview, located at 1021 S. 4th St., is situated on 13 acres and includes a 26-story high-rise and 37 two-story townhouse buildings. The complex includes 165 senior unit high-rise apartments, and 305 modern low-rise homes.