BRINGING YOU THE LATEST RICHMOND CAPITAL

News

Gold line
A modern multi-story apartment building with black and gray exterior, large glass balconies, and a red vertical accent wall, situated on a city street with trees, cars, and pedestrians.

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

Gold line
Gold line
A modern multi-story apartment complex with red and beige exterior walls and black window awnings, surrounded by trees, cars, and people walking on the sidewalk.

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

Gold line
A landscaped residential courtyard with brick apartment buildings, green lawns, trees, and flowers. People are walking and sitting on benches, and a white car is parked nearby.

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

Gold line
A modern apartment complex with multiple white buildings, surrounded by green trees, and featuring a tennis court and a landscaped courtyard.

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

Gold line
A colorful painting of a two-story brick building with large windows, a red tile roof, and surrounding green trees and shrubs. A streetlamp and a banner are visible on the street in front of the building.

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

Want to Stay Up-to-Date?

We’d love to discuss our latest performance and how we can help your institution.

Contact Us