Related Capital, which is a subsidiary of Charter Mac, will invest approximately $11 million in equity. The financing and equity will enable RAP to invest in property renovations including new roofs, new windows, a complete renovation of the outdoor concrete plaza, building facade repairs and interior and apartment renovations.

The 602-unit multifamily rental Ocean Park was originally constructed in 1972 under New York City's Mitchell Lama Program. In exchange for receiving the tax-exempt financing, RAP will extend the property's affordability for an additional 40 years. The two 26-story towers and two single-story commercial buildings are located at 125 Beach 17th St., 120 Beach 19th St., and 1721-1731 Seagirt Blvd. There are 300 one-bedroom units, 250 two-bedroom units and 50 three-bedroom units, and two additional two-bedroom units set aside for the superintendents. The project also contains on-site parking with 329 covered garage spaces and 95 outdoor parking spaces, a swimming pool, playground area, community room and laundry facilities in each building.

The Section 236 mortgage interest subsidy from the HUD is being maintained along with the rent and income limitations of that federal program. RAP was chartered to acquire, rehabilitate and preserve affordable housing around the country. Since 1998, RAP and its principals have successfully preserved in excess of 7,500 units of affordable housing in five states. The other member of the development team is DB Development, Ltd. The principals of DB Development, Ltd. are B. Tuckey Devlin and David B. Workman. Related Management Co. will manage the project. RMC presently manages approximately 120 apartment complexes in nine states containing over 23,800 housing units.