Red Stone Equity Partners Plays Integral Role in Transforming New York City Metro Area Affordable Housing Landscape
May 7, 2013
New York, NY – May 1, 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, and that has raised and invested more than $1.5 billion of tax credit equity for the development of affordable housing, has become a leading equity investor in the New York City area. In the past year, Red Stone-sponsored funds have invested $38 million of tax credit equity across four projects in the New York City area, leading to the creation and/or preservation of over 300 units of affordable housing.
These developments include Creston Avenue Residences in the Bronx, a 66-unit development sponsored by a joint venture between the Volunteers of America—Greater NY and The Housing Collaborative. This project is the first of its kind to break ground in NY State utilizing Medicaid funds to provide housing and support onsite supportive services for tenants with special needs. Red Stone has committed $12 million in tax credit equity to support this innovative project.
“We understand that the landscape among equity providers in the Northeast – and in NYC in particular – is extremely competitive,” said Richard Roberts, Director of Business Development for Red Stone and former Commissioner of the New York City Department of Housing Preservation and Development (HPD). “Therefore, we look forward to bringing our intense focus on outstanding service to our developer and investor partners in the NYC area. We have excellent resources in place and fully expect to accomplish our ambitious goals. Our ability to provide funding to a project as creative as Creston Avenue Residences is a testament to our team and our partners. ”
In addition to Creston Avenue Residences, Red Stone provided tax credit equity for St. Phillips Senior Apartments in partnership with BlueSea Development in New York City’s historic Harlem community, as well as Zion Court Apartments in Mount Vernon, NY. Red Stone also worked with long-standing developer partner, Conifer Realty, to provide tax credit equity for the development of New Cassell Apartments in the Village of North Hempstead on Long Island. Additionally, Red Stone has recently made commitments totaling $31 million to three pending New York City transactions.
“We are pleased to have been able to help address the acute shortage of quality affordable housing here in the New York City area,” said Ryan Sfreddo, Managing Director of Investor Relations for Red Stone. “New York City continues to be an important market for us and for our investor partners. As such, we have expanded our focus here. We believe that we are off to great start and we look forward to many future investment opportunities.”
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. As a result of long-lasting relationships with investors and developers, Red Stone acquires, structures, and provides long-term asset management services to its institutional clients. The firm’s 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, 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.