Red Stone Equity Partners Raises $1 Billion of Tax Credit Equity in First 5 Years
April 3, 2012
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, proudly announces the raising and investment of $1 billion of tax credit equity within the first 5 years of business.
"Five years ago, it was universally acknowledged that we were starting a syndication company in a very challenging market." states Eric McClelland, President and Co-founder of Red Stone. "Tax credit equity pricing was at its peak, clear signs of a real estate bubble existed, and warnings of a global recession were everywhere. However, we were able to create a company that placed an emphasis on our investor and developer partners while learning from both past industry successes and mistakes. Additionally, we were able to foster a culture to allow for creativity and growth of the people who make up- and are- Red Stone."
Since its inception, Red Stone has become a leader in tax credit equity syndication. The $1 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 approximately 7,800 units of affordable housing across 101 properties located in 24 different states.
"It is incredibly gratifying to have reached our 5- year milestone notwithstanding the most challenging downturn to hit the financial and real state markets early in our company's growth," states Robert Fein, Chief Operating Officer of Red Stone. "Our ability to succeed and to grow is primarily a testament to the quality of our people. We are equally fortunate to have forged ongoing relationships with our valued developer and investor partners and thank them for the trust they have placed in us. Red Stone also owes significant thanks to our trusted 3rd party advisors."
In addition, Red Stone recently secured new space for its’ Charlotte, North Carolina office to accommodate its' growing presence in the Southeast. Effective April 20, 2012, the Charlotte office will move to:
6000 Fairview Road,
Charlotte, NC 28210
Red Stone’s Charlotte office was opened in April 2009 by Rob Vest, who serves as a Managing Director for the company.
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.