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Red Mortgage Capital closed a $22 million joint venture portfolio that will be used to rehabilitate 14 properties in 12 rural Texas communities, preserving the affordability of 556 housing units.

The funding is a joint venture with Red Mortgage Capital, which is a division of ORIX Real Estate Capital LLC; Related Affordable, a division of New York City’s Related Companies; and the Texas Housing Foundation. ORIX Real Estate Capital Holdings LLC is headquartered in Columbus.

RED and Columbus-based Lancaster Pollard, both owned by ORIX Corporation USA, recently merged, combining the expertise and experience of both companies. Multifamily transactions are being executed under the dba of Red Mortgage Capital.

Related selected RED based on its distinguished track record of underwriting, funding and servicing U.S. Department of Agriculture Rural Development loans. Red Mortgage Capital is one of the top five lenders in the RD program.