COLUMBUS, OH (PRWEB) October 16, 2012

Red Mortgage Capital, LLC, the mortgage banking arm of RED CAPITAL GROUP, LLC and provider of the most FHA insured multifamily loans nationally in HUDs FY 2012, announced today that it recently provided $ 190,753,100 of non-recourse construction and permanent financing with a 42-year term to Lincoln Place, an apartment community which will be substantially rehabilitated in Southern California. The loan represents the largest FHA Section 221(d)(4) unsubsidized loan ever insured by the U.S. Department of Housing and Urban Development and the 4th largest outstanding GNMA Security in the nation.

Lincoln Place, being redeveloped by Apartment Investment and Management Company (Aimco), is located less than 1.5 miles from the Pacific Ocean in Venice, California, and will consist of the rehabilitation of 696 multifamily units, and construction of an additional 99 units, a 5,033 square foot leasing center and a 6,100 square foot recreation and pool area on approximately 35 acres.

Originally developed between 1949 and 1952, Lincoln Place was conceived at that time as a Section 608 Project per the FHA guidelines for rental housing developments, which suggested: