Red Stone Equity Partners announced that it raised $591 million in low-income housing tax credit (LIHTC) equity in 2015. It was the most productive year so far for the privately-owned real estate finance and investment company.
“2015 was a very gratifying year. Since our beginning nine years ago, we have been focused on putting the foundation for growth in place, and 2015 saw those efforts pay off in a meaningful way,” said Eric McClelland, president and CEO, expressing appreciation to the firm’s investor and developor partners as well as the Red Stone team.
A LIHTC syndicator, the company has in excess of $2.7 billion of equity funds under management. These funds have been used, along with other project-level financing sources, to finance the construction and /or rehabilitation of more than 20,000 units of affordable housing across 236 properties located in 31 different states, the District of Columbia, and Puerto Rico.
“This past year saw us expand our business in many meaningful ways,” said Robert Fein, COO. “We conducted business in new states, including Ohio and Missouri, and we added several new investors to our family of LIHTC funds. We hope to continue that momentum in 2016.”
In 2015, the firm closed on its fifth and largest national multi-investor LIHTC fund, Red Stone—2015 National Fund, which included commitments from four repeat and three first-time investors with Red Stone. The $145.8 million fund is designed to finance the construction and/or rehabilitation of over 1,500 units of affordable housing across 20 properties located in more than 10 states.
Red Stone Equity has offered a national multi-investor fund to the marketplace in each of the last five years, according to Ryan Sfreddo, managing director of investor relations.
In 2015, the firm relocated its New York City office and opened a Boston office. It also has locations in Charlotte, N.C.; Chicago; and Cleveland.