NEW YORK, May 19, 2021 /PRNewswire/ — Red Stone Equity Partners LLC (“Red Stone Equity” or the “Company”), a privately-owned real estate finance and investment company specializing in affordable multifamily residential funds and financings, announced the closing of Red Stone Equity – Fund 84 Limited Partnership (“Fund 84”), a $207-million multi-investor Low Income Housing Tax Credit (“LIHTC”) investment fund. Fund 84 is the 18th and largest Red Stone Equity multi-investor fund offering to close since the Company’s inception and includes investments from 12 different institutional investors, 11 of which are repeat Red Stone Equity investors and one of which is a first-time Red Stone Equity investor. Fund 84’s proceeds will be used, along with other project-level financing sources, to finance the construction and/or rehabilitation more than 1,600 units of affordable rental housing contained within 23 properties located in 11 different states. With the closing of the Fund 84, Red Stone Equity has now raised more than $340 million of LIHTC equity capital thus far in 2021. The timing of its largest fundraise in Company history coincides with the acute and growing need for affordable housing that has only been amplified by the COVID-19 pandemic.
“We are pleased to announce the closing of our largest multi-investor LIHTC fund to date, which comes at a critical time as our nation confronts a growing affordable housing crisis,” said Ryan P. Sfreddo, President of Red Stone Equity. “Prior to the onset of COVID-19, more than one in four renter households in the U.S. – roughly 12 million households – were spending more than half of their income on rent, leaving far too little for other necessities like food, medical care, and transportation. COVID-19 has only exacerbated this crisis as it has had a disproportionate impact on low- and moderate-income households and on communities of color. We are proud to have executed on the Fund 84 closing for our investor and developer clients, but more importantly for the thousands of hardworking families, veterans, people with special needs, teachers, nurses, firefighters, police officers, and seniors it will help to house.”
Red Stone Equity has established itself as a leading real estate investment firm focusing on the syndication of LIHTCs and Renewable Energy Tax Credits, with a national presence and offices in Boston, Charlotte, Chicago, Cleveland, New York, Los Angeles and San Diego. With over $6.7 billion of tax equity raised and under management, Red Stone Equity has financed the development of nearly 50,000 units of affordable housing across more than 532 properties located in 44 states, the District of Columbia and Puerto Rico.
About Red Stone Equity Partners LLC
Red Stone Equity Partners LLC (“Red Stone Equity”) is a leading real estate investment firm specializing in the syndication of Low-Income Housing Tax Credits and Renewable Energy Tax Credits to facilitate the development of affordable multifamily rental housing and renewable energy projects, respectively. Red Stone Equity 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 a combined 100 years of tax credit equity syndication experience, involving the acquisition and syndication of approximately $15 billion of tax credit equity. Since inception, Red Stone Equity has raised over $6.7 billion of tax credit equity. These funds have been used to finance the construction and/or rehabilitation of nearly 50,000 units of affordable housing in 44 states, Washington, D.C. and Puerto Rico. Red Stone Equity has offices in Boston, Charlotte, Chicago, Cleveland, New York, and San Diego. For more information, please visit www.rsequity.com or www.linkedin.com/company/red-stone-equity-partners-llc.