Red Stone Equity Partners has closed a $131.3 million low-income housing tax credit (LIHTC) fund.
The multi-investor fund will help finance the construction and/or rehabilitation of more than 2,000 affordable housing units at 19 properties in 12 states.
“We are pleased to announce the closing of Red Stone’s fourth multi-investor LIHTC fund in as many years and which welcomes three new investors to our family of LIHTC funds, along with five repeat Red Stone investors,” says Ryan P. Sfreddo, Red Stone’s managing director of investor relations. “This Fund will provide the investment capital needed to build or preserve quality affordable housing to thousands of people in need from Michigan to Miami.”
Overall, Red Stone, a LIHTC syndicator and real estate investment firm, has raised and invested more than $2 billion to finance the development of more than 14,000 units of affordable housing since 2008, according to Eric McClelland, president.