NewswireToday - /newswire/ -
Columbus, OH, United States, 2006/02/24 - RPM to launch $20 million real estate fund, Reynolds opportunity Fund1 (ROP-Fund1).
RPM Ventures, LLC announced today that is has an exclusive option on 15 Acres on Harrisburg Pike from ELM HP Ltd, where they are proposing a gated senior community. RPM anticipates launching the $20 Million Real Estate Fund in May.
RPM is Requesting Proposals (RFP) from 202 Senior Housing non-profits to consider to also build within the community on 4-5 acres of the land.
“We are proposing a gated senior community composed of affordable housing units,” Tony Reynolds, RPM founder, said. “Being a Gulf War Veteran, I understand their need for security in this day and age.”
In June 2005 Columbus Metropolitan Housing Authority (CMHA) affordable housing wait list complied data from CMHA’s S8 and Public Housing waiting list for their 5 Year Public Housing Administration plan years 2006- 2010.
Housing Needed of Family in Jurisdiction by Family type:
In order to capitalize on the opportunity, RPM anticipates launching the Reynolds Opportunity Fund I (ROP-FundI), a $20 Million real estate developer fund, in May. RPM has already been in discussions with several former fund managers with track records including one who managed $3 Billion at the Carlyle Group.
“Kevin Darling, VP from the Bank of America Securities has presented the best Prime Brokerage information,” Reynolds said. RPM anticipates a $1 Million raise from a private investor before launch.
“There are still things that need to be nailed down, but things have been moving at us fast,” Reynolds said. “Other financing options are still on the table, including buying Window Rock (OTC: WRKC) and discussions with Prudential. We’re still open.”
This month RPM dba Reynolds Family Homes was endorsed by the Greater Hilltop Association for its’ HOOPS scattered lot development on the west side.
“We have done business with private/public entities to create affordable housing opportunities before,” Reynolds said. “These are larger numbers, but the same concepts apply.”
RPM hopes to begin discussing the project with the City next month. “We will need infrastructure assistance, and hopefully they will offer tax incentives, etc,” Reynolds said.