Red Stone Plays Key Role in Enhancing Greater Chicago’s Affordable Housing Landscape
November 3, 2010
CHICAGO – Red Stone Equity Partners, LLC has become a leader in tax credit equity syndication in the Greater Chicago area, providing equity to benefit the development of more than $170 million in much needed affordable housing.
During one of the most difficult economies in U.S. history, Red Stone was able to syndicate $68 million in tax credit equity to assist in construction and rehabilitation efforts across the Chicago area. Among the developments is the nationally recognized Britton Budd revitalization, a historic preservation and rehabilitation effort in which Red Stone partnered with the Chicago Housing Authority. This rehabilitation of a former hotel within the Lakeview Community west of Lincoln Park won a Reader’s Choice award from Affordable Housing & Finance magazine.
“It is rewarding that Red Stone’s collaborative efforts with the Chicago Housing Authority and other organizations will result in nearly 800 new units of much-needed affordable housing,” said Bryan Kilbane, Senior Vice President – Acquisition for Red Stone. “The community’s need for quality affordable housing is great, and we look forward to working with CHA and other partners on future developments.”
In addition to Britton Budd, Red Stone provided tax credit equity for CHA’s Kenmore Senior and Pomeroy Senior apartment developments. Red Stone also worked with Interfaith Housing Development and DKI Inc. on two other Chicago-area developments and looks forward to closing their sixth local transaction — with The Community Builders — later this year.
The Chicago area continues to be a key market for Red Stone, which is aggressively pursuing new tax credit equity investment opportunities. Red Stone is looking to expand its presence in the area and recently opened an office in Chicago.
“We are pleased to have been able to help serve the housing needs of the Greater Chicago Community even in these difficult economic times,” said Eric McClelland, President of Red Stone Equity Partners. “With our Chicago office, we look forward to expanding our presence in the area to continue to promote the development of affordable housing.”
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.