Red Stone Equity Partners closes 2014 with record volume of $510 million of tax credit equity
March 30, 2015
FOR IMMEDIATE RELEASE
Red Stone Equity Partners closes 2014 with record volume of $510 million of tax credit equity and surpasses $2.2 billion of tax credit equity raised since inception
March, 2015 – Red Stone Equity Partners, LLC ("Red Stone"), a privately-owned real estate finance and investment company that provides innovative financial products and services to the multifamily housing industry, raised $510 million of tax credit equity in 2014. In addition, 2014 stands as the year that Red Stone surpassed $2.0 billion in total equity raised since its inception in 2007.
“Eight years ago when we started, we envisioned creating a firm founded on the principles of transparency and creativity. It is particularly gratifying to see our vision become a reality,” states Eric McClelland, President and co-founder of Red Stone. “We look forward to growing the strong relationships we have developed with our investor and developer partners in an effort to promote the development and preservation of affordable housing across the country.”
Since its inception, Red Stone has become a leader in tax credit equity syndication. The $2.2 billion in equity proceeds raised to date has been used, along with other project-level financing sources, to finance the construction and/or rehabilitation of 14,015 units of affordable housing across 189 properties located in 28 different states, the District of Columbia and Puerto Rico.
Some notable projects that Red Stone financed during 2014 include the following:
• Red Stone provided $31,928,402 of equity for the redevelopment of The Boys and Girls Club of Harlem located in Harlem, New York. The Boys and Girls Club is an adaptive reuse of a former school that is to be re-developed and re-purposed as a mixed-use and mixed-income building with 81 residential units serving very low- income, low income, middle-income and market-rate households. The project is being developed by Monadnock Development LLC, Alembic Community Development and The Boys and Girls Club of Harlem.
• Red Stone provided a total of $32,197,836 of equity for the development of Wincoram Commons Phase 1 and 2 located in Coram, New York. Wincoram Commons is being developed by Conifer, LLC and The Community Development Corporation of Long Island. It is to be a mixed-use development with a total of 12 buildings containing 176 workforce apartments and commercial space.
• Red Stone provided $8,321,684 of equity for the Compton Senior Apartments located in Compton, California. The to-be-constructed three-story building is being developed by Meta Housing Corporation and will consist of 75 dwelling units, all of which will serve low and moderate income households.
• Red Stone provided $6,097,346 of equity for the development of Milwaukee Prosperity, a 35-unit scattered-site rehabilitation in Milwaukee, Wisconsin. When completed, there will be 34 low-income units and one manager unit housed in a four-unit building, 6 duplex structures and 19 single family homes. The joint venture developer of the project is made up of Brinshore Development, LLC and Maures Development Group, LLC.
• Red Stone provided $6,019,398 of equity for the development of Civic Park I, a to-be-built 80-unit affordable housing community located in Salisbuy, North Carolina. This first phase of a multi-phase development effort is unique in that it is part of HUD’s Rental Assistance Demonstration (“RAD”) program. The joint venture developer of the project is comprised of Laurel Street Residential and the Salisbury Housing Authority.
“We are pleased with our continued measured growth as we have increased our presence across the United States and are actively exploring opportunities in new regions,” states Robert Fein, Chief Operating Officer of Red Stone. “We are committed to developing affordable housing projects throughout the country by leveraging creative thinking and trusted partnerships.”
About Red Stone Equity Partners
Red Stone Equity Partners, LLC is a leading real estate investment firm specializing in the syndication of Low-Income Housing Tax Credits to facilitate affordable housing development. Red Stone builds upon long-lasting relationships with investors and developers as it acquires, structures, and provides long-term asset management services to its institutional clients. Its senior management represents more than 75 years of tax credit equity syndication experience, involving the acquisition and syndication of approximately $10 billion of tax credit equity. Red Stone Equity Partners is headquartered in Cleveland, OH, with regional offices in Charlotte, Chicago, Columbus, Los Angeles, and New York.