Red Stone Partners is providing $18.95 million in tax-exempt bond proceeds for the renovation and financing of Opportunities Towers in Philadelphia.
The 277-unit, Sec. 8-assisted seniors housing development is owned and being rehabilitated by an affiliate of Opportunities Industrialization Centers of America, Inc.
Built in 1982, Opportunities Towers was originally set to be renovated and refinanced in 2008 with different capital partners who were unable to proceed during the financial crisis. Red Stone and others then emerged to resurrect the plans.
The property will benefit from approximately $50,000 per unit in renovations.
The bonds were issued by the Philadelphia Authority for Industrial Development. In addition, R4 Capital, Inc., will invest approximately $13 million in the property through low-income housing tax credits.