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Red Stone Equity Partners Closes $98.4 Million Multi-Investor Fund

September 16, 2013

NEW YORK, NY, September 16, 2013 – 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, announces the closing of Red Stone - 2013 National Fund, L.P. (“Fund”), a $98.4 million multi-investor Low Income Housing Tax Credit ("LIHTC") fund.  The Fund’s proceeds will be used, along with other project-level financing sources, to finance the construction and/or rehabilitation of 832 units of affordable rental housing across 11 properties located in nine different states and Puerto Rico.

“We are pleased to announce the closing of Red Stone’s third multi-investor fund, which welcomes three new investors to our LIHTC funds, along with three repeat Red Stone investors,” said Ryan P. Sfreddo, Red Stone’s Managing Director of Investor Relations.  “The closing of this multi-investor fund demonstrates the continued investor demand for well-structured affordable housing investment opportunities. The Fund’s closing is a testament to the quality of the fund structure, the underlying assets and the development teams.  It also speaks to Red Stone’s track record and our dedication to the service we provide to both our investor and developer clients."

“The successful execution of our third multi-investor fund in as many years secures Red Stone’s position as an established and consistent provider of quality multi-investor product within the tax credit industry,” states Eric McClelland, President and co-Founder of Red Stone. “Red Stone has set itself apart by remaining committed to prudent underwriting standards, which result in delivering our clients the highest quality product along with superior customer service.” Mr. McClelland continued, “Overall, Red Stone-sponsored LIHTC funds have now raised and invested more than $1.5 billion to finance the development of more than 10,600 units of affordable housing for family, senior and special needs tenants since 2008.”

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,  Los Angeles, and New York.  For more information, please visit www.redstoneco.com.

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.

Learn more about Red Stone Equity Partners