Red Stone Partners announced that it has purchased tax-exempt bonds on several affordable housing properties.
The recently closed transactions involved the company buying the bonds on the following 4 percent low-income housing tax credit properties:
- Chippington Tower I and II: Red Stone purchased $18 million of fixed-rate tax-exempt and taxable bonds issued to refinance two properties containing 426 units of senior Sec. 8 housing in Madison, Tenn.;
- Lincoln Towers: Red Stone purchased $8.2 million of fixed-rate tax-exempt bonds issued to finance two properties containing 202 units of senior Sec. 8 housing in Bloomington, Ill., and Freeport, Ill.
- Hilltop Apartments: Red Stone purchased $6.9 million of fixed-rate tax-exempt bonds issued to finance a 200-unit multifamily Sec. 8 property in Edwardsville, Pa.
Red Stone is a New York City-based real estate finance company, providing tax-exempt bond financing, tax credit syndication, and Federal Housing Administration-insured lending.