BRINGING YOU THE LATEST RICHMOND CAPITAL
News
August 16, 2024
Chicago, Illinois - During the 2nd half of 2023, the ProLoan Bond Fund (“Fund”), managed by Richmond Capital Management, commenced the funding of its $6.3 million MBS purchase commitment to finance the construction and permanent mortgage for the “43 Green-II” housing development. This is the eighth construction and permanent loan MBS investment financed by the Fund in the metropolitan region of Chicago.
$37 Million total development cost
36 market-rate & 44 affordable housing units
MBS backed by HUD-insured mortgage
July 25, 2024
St. Louis, Missouri - During the 4th quarter of 2023, the ProLoan Bond Fund (“Fund”), managed by Richmond Capital Management, completed its $44 million MBS purchase commitment to finance the construction and permanent mortgage for the “Moda @ The Hill” housing development. This is the 15th construction and permanent loan MBS investment that has financed housing and assisted-living projects totaling $276 million in the metropolitan region of St. Louis.
$46 Million total development cost
225 market-rate units
MBS backed by HUD-insured mortgage
June 26, 2024
Ipswich, Massachusetts - During the 1st quarter of 2023, the ProLoan Bond Fund (“Fund”), managed by Richmond Capital Management, issued a $18.5 million MBS purchase commitment to finance the construction and permanent mortgage for the “Agawam Village” housing development owned by the Ipswich Housing Authority.
$39.6 Million total development cost
94 housing authority units
MBS backed by HUD-insured mortgage
June 14, 2024
Mound, Minnesota - During the 1st quarter of 2023, the ProLoan Bond Fund (“Fund”), managed by Richmond Capital Management, issued a $19 million MBS purchase commitment to finance the construction and permanent mortgage for the “Artessa at Mound Harbor” housing development, a 52-unit senior cooperative. One form of housing insecurity involves seniors who like to sell their homes and downsize. However, many seniors do not want to rent due to the uncertainty of long-term occupancy. Senior cooperative housing offers both housing security and the opportunity to live in a community with other seniors through collective ownership.
$30.4 Million total development cost
52 senior Co-op housing units
MBS backed by HUD-insured mortgage
May 30, 2024
DeWitt, Iowa - During the 1st quarter of 2024, the ProLoan Bond Fund (“Fund”), managed by Richmond Capital Management, commenced the funding of its $6.1 million MBS purchase commitment to finance the construction and permanent mortgage for the “Iowa Mutual Lofts” housing development.
$13.2 Million total development cost
53 market-rate units
MBS backed by HUD-insured mortgage
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