Red Stone Equity Partners reported surpassing the $2 billion mark in total low-income housing tax credit (LIHTC) equity raised.
The company, which started in 2007, reached the milestone after raising $510 million in LIHTC equity in 2014.
The $2.2 billion in equity proceeds, along with other project-level financing sources, have financed the construction and/or rehabilitation of 14,015 units of affordable housing across 189 properties in 28 states, the District of Columbia, and Puerto Rico.
“We look forward to growing the strong relationships we have developed with our investor and developer partners in an effort to promote the development and preservation of affordable housing across the country,” said Eric McClelland, president and co-founder, in a statement.
Some notable projects that Red Stone financed during 2014 include:
· $31.9 million of equity for the Boys and Girls Club of Harlem located in Harlem, N.Y. The Boys and Girls Club is an adaptive reuse of a former school that is to be redeveloped and re-purposed as a mixed-use and mixed-income building with 81 residential units serving very low- income, low-income, middle-income and market-rate households. The project is being developed by Monadnock Development, Alembic Community Development, and Boys and Girls Club of Harlem;
· $32.2 million of equity for the development of Wincoram Commons Phase 1 and 2 in Coram, N.Y. Wincoram Commons is being developed by Conifer Realty and the Community Development Corporation of Long Island. It is to be a mixed-use development with 176 workforce apartments and commercial space;
· $8.3 million of equity for the Compton Senior Apartments located in Compton, Calif. The to-be-constructed three-story building is being developed by Meta Housing Corp. and will consist of 75 dwelling units, all of which will serve low- and moderate-income households;
· $6.1 million of equity for the development of Milwaukee Prosperity, a 35-unit scattered-site rehabilitation in Milwaukee. When completed, there will be 34 low-income units and one manager unit housed in a four-unit building, six duplex structures, and 19 single-family homes. The joint-venture developer of the project is made up of Brinshore Development and Maures Development Group; and
· $6 million of equity for the development of Civic Park I, a to-be-built 80-unit affordable housing community located in Salisbuy, N.C. This first phase of a multi-phase development part of the Department of Housing and Urban Development’s Rental Assistance Demonstration program. The joint-venture developer is comprised of Laurel Street Residential and the Salisbury Housing Authority.
Red Stone was among 22 syndicators taking part in AHF’s recent LIHTC survey.