Red Stone Equity Partners announced the closing of a $144 million multi-investor low-income housing tax credit (LIHTC) investment fund. The 2018 fund is the eighth Red Stone Equity multi-investor fund offering to close in the last seven years and includes investments from six institutional investors.
The proceeds will be used, along with other project-level financing sources, to finance the construction and/or rehabilitation of more than 2,100 units of affordable housing across 20 properties in 16 states. With the closing of Red Stone Equity—2018 National Fund, the company has raised over $275 million of LIHTC equity capital thus far in 2018.
"We are pleased to announce the successful closing of Red Stone Equity's eighth national multi-investor fund, which welcomes investments from six repeat Red Stone Equity investors," said Ryan P. Sfreddo, Red Stone's managing director of investor relations. "The closing of the 2018 Fund demonstrates continued investor demand for well-structured affordable housing investment opportunities in this post-tax reform era, and we are grateful to both our investor and developer partners for working with—and placing their trust in—Red Stone Equity Partners."
Red Stone Equity is a leading real estate investment firm focusing on the syndication of LIHTCs and renewable energy tax credits, with a national presence and offices in Boston, Charlotte, Chicago, Cleveland, Los Angeles, New York, and San Diego. With over $4.3 billion of tax equity raised and under management, Red Stone Equity has financed the development of more than 31,000 units of affordable housing across more than 354 properties located in 36 states, the District of Columbia, and Puerto Rico.
