Posts Tagged ‘Million’
Columbus, OH (PRWEB) April 24, 2014
Red Capital Markets, LLC (MEMBER FINRA/SIPC) and Red Mortgage Capital, LLC, respectively the investment banking and mortgage lending entities of comprehensive capital provider RED CAPITAL GROUP, LLC, recently provided a combination of bond underwriting and mortgage banking services related to the acquisition and rehabilitation of a low income, seniors housing property in Arcadia, California.
The transaction utilized a $ 10,125,000 conventional/taxable FHA Section 223(f) loan processed pursuant to FHAs Low Income Housing Pilot Program and funded by Red Mortgage Capital, LLC. Proceeds of the FHA loan will serve as collateral for $ 10,125,000 of short-term, tax-exempt multifamily housing revenue bonds issued by California Statewide Communities Development Authority and underwritten by Red Capital Markets, LLC.
Naomi Gardens is a 101-unit, Section 8 subsidized elevator building in Arcadia, Los Angeles County, CA, and was originally constructed with a HUD 202 direct loan in 1985. The property is currently restricted to serving over age 62 seniors and the disabled, whose adjusted income is no more than 50% of the area median income. The recapitalization will allow the preservation of existing affordable seniors and disabled resident rental units for 55 years.
ReBuild America, Inc, whose principals have been actively involved in the development, construction, rent-up, and management of over 70 affordable rental housing and supportive housing facilities for the elderly and physically handicapped, serves as General Partner. ManSerMar, Inc, provides management for this property as well as 58 other seniors housing facilities across the US.
Developer Cissy Watson of Psalms 127, LLC, said, It was a true pleasure to work with such a top notch financing and development team on the preservation of Naomi Gardens. With the collective experience of the team, along with their professional work ethic, this intricate and complex transaction came together like a well-oiled machine, Watson continued, Every team member played an integral part. Thanks for leading us, Rick Andrews and RED!
Rick Andrews, Red Mortgage Capital, LLC, and provider of the FHA-insured loan said, Working with Rebuild America, ManSerMar and Cissy Watson through the prepayment process of the existing Section 202 direct loan and the new Section 223(f) Pilot preservation loan was a real pleasure. Andrews went on to say, Their extensive experience with the Los Angeles HUD office and the Section 202 direct loan program made a complicated preservation process an easier task for all involved.
Nick Hamilton, Red Capital Markets, LLC, who acted as underwriter of the bonds added, Such transactions are never straightforward, but the expertise and dedication of the development and financing team helped simplify a complicated process. In closing, Hamilton said, Recapitalization of the project with FHA debt and LIHTC equity will ensure that current and future residents enjoy safe, decent and affordable housing for many years to come.
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An American fugitive convicted in a $ 1-million health-care fraud scheme in California was arrested Wednesday in Canada.
DANBURY, Connecticut (PRWEB) May 22, 2013
A $ 50 million fundraising campaign for Danbury Hospital and New Milford Hospital was publically launched yesterday at a high-energy, multimedia event at the Candlewood Inn in Brookfield, Connecticut. John M. Murphy, MD, President and CEO of Western Connecticut Health Network, announced that to date $ 30 million has been raised in support of Danbury Hospital and New Milford Hospitals.
Several major gifts have already given the campaign momentum. The new Emergency Department at Danbury Hospital will be named The Anna-Maria and Stephen Kellen Department of Emergency Medicine, while the Emergency Department at New Milford Hospital will be named The Arnhold Department of Emergency Medicine. The Spratt Family Neonatal Intensive Care Unit was named in recognition of a gift from Harold A. Spratt and his family.
The campaign, called Imagine Build Transform, will enhance the ability of the Networks hospitals to provide world-class, state-of-the-art, patient-centered care to the people of Western Connecticut and nearby New York. On the research front, the campaign aims to foster groundbreaking discoveries that will yield improved diagnoses and targeted therapies for patients.
According to Murphy, We are undertaking this campaign to ensure that Danbury Hospital and New Milford Hospital continue to provide access to high-quality, compassionate care that saves and improves lives. Our entire healthcare network is being transformed into a national model, one that shows how to deliver highly effective, efficient and personalized medicine. We are also demonstrating how pioneering research can be translated into care that addresses the needs of local communities.
Gifts to the campaign will support major new construction, new medical technology and other improvements for inpatients and outpatients, as well as groundbreaking research. More specifically:
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PORTLAND, Oregon (Reuters) – An Oregon jury awarded 12 Army National Guardsmen $ 85 million in damages from defense contractor KBR Inc. on Friday after finding that the company failed to protect them from exposure to cancer-causing chemicals when they served in Iraq.
BRUSSELS (Reuters) – Belgian cancer treatment equipment maker IBA said it has signed a $ 40 million deal for the installation of a treatment facility in Louisiana.
Birmingham, Alabama (PRWEB) August 31, 2012
With more than a decade of experience as an accountant and healthcare billing specialist, Wendy Horne is fastidious when it comes to following Medicare regulations a trait she believes made her unpopular with her former employer Pinnacle Medical Solutions, a Mississippi-based durable medical equipment supplier.
When Horne became convinced that Pinnacle was submitting false claims not only to the overly-strapped Medicare system but also to Tricare the healthcare system for our nations veterans she decided she couldnt keep quiet. Her 2009 qui tam Complaint — U.S. ex. rel. Horne v. Pinnacle, cv-09-BE-1193, NDAL — states that she first brought her allegations to the companys leadership; then after seeing little change she notified the U.S. Department of Health and Human Services.
According to Pinnacles website, the company offers home delivery of medical supplies to diabetic patients, including insulin pumps, test strips, and other durable medical equipment. According to the allegations in her qui tam Complaint however, Pinnacles strategy was to send as much equipment to as many people as possible without regard to whether such equipment was medically necessary or [had] been properly prescribed or documented or whether the patient actually need[ed] or [had] ordered it.
The settlement documents announced today recite that Hornes initial report to HHS resulted in a voluntary repayment by Pinnacle of $ 236,204. Now, the company has agreed to re-pay an additional $ 1,663,647.85 pursuant to the terms of the settlement documents. Wendy Horne put her career on the line to stand up for our nations veterans and the elderly, said Jim Barger, of Frohsin & Barger, LLC, one of Hornes attorneys. She was faced with the choice of reporting her allegations and suffering the consequences or keeping quiet and suffering the pangs of conscience for most people that would be a tough choice, but I dont believe Wendy considered keeping mum. Thats just who she is.
While it has been said that conscience is its own reward, the False Claims Act rewards whistleblowers with between 15 and 25% of recoveries in cases where the government intervenes.
A Civil War-Era statute, the False Claims Act has of late become the most powerful tool in addressing healthcare fraud due in no small part to whistleblowers and their attorneys. Barger and partner Henry Frohsin founded their firm together with Elliott Walthall in 2008 to concentrate on representing whistleblowers under the False Claims Act after years with a large civil defense firm. In the less than four years after opening its doors, Frohsin & Barger, LLC has recovered more than $ 32 million in qui tam suits on behalf of whistleblowers and the taxpayers.
Its an honor to represent people like Wendy, said Frohsin. Too many people are all too willing to turn a blind eye it takes courage to be a whistleblower, and that courage deserves to be rewarded.
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Minnesota Finalizes Million Contract For Online Health Exchange
The state announced the two-year contract with Maximus, a Virginia-based company, to design and maintain a state-run insurance exchange.
Read more on Kaiser Health News
Ky. governor creates health insurance exchange
FRANKFORT, Ky. (AP) — Kentucky Gov. Steve Beshear has issued an executive order creating a statewide health insurance exchange, following up on his promise to do so once the U.S. Supreme Court upheld the federal health care overhaul.
Read more on Businessweek
Experts offer strategies on launching exchanges
As states play a game of “beat the clock” to establish their health insurance exchanges by 2014, a panel of experts in Washington discussed some effective strategies to form those marketplaces. Maryland Lt. Gov. Anthony Brown served as the first of …
Read more on ModernHealthcare.com