Red Stone Equity Partners has closed a $188 million multi-investor low-income housing tax credit (LIHTC) fund, the seventh and largest fund the firm has closed in the last six years.

Baxter Street Apartments, a 30-unit development in Charlotte, N.C., is among the 25 properties being financed by Red Stone Equity Partners’ latest low-income housing tax credit fund. To be developed by Charlotte-based Laurel Street Residential, the property will provide eight one-, 14 two-, and eight three-bedroom units for families earning no more than 30%, 40%, and 60% of the area median income.
Baxter Street Apartments, a 30-unit development in Charlotte, N.C., is among the 25 properties being financed by Red Stone Equity Partners’ latest low-income housing tax credit fund. To be developed by Charlotte-based Laurel Street Residential, the property will provide eight one-, 14 two-, and eight three-bedroom units for families earning no more than 30%, 40%, and 60% of the area median income.

Proceeds from Red Stone Equity—2017 National Fund will be used, along with other project-level financing sources, to finance the construction and/or rehabilitation of more than 1,800 units of affordable housing across 25 properties in 12 different states. The fund includes investments from 11 institutional investors.

With the closing of this latest fund, Red Stone Equity has raised over $450 million of LIHTC equity capital thus far in 2017, according to firm leaders.

"We are pleased to announce the closing of our largest multi-investor LIHTC fund to date, which includes investments from eight repeat Red Stone Equity investors and welcomes three new ones to our family of LIHTC funds," says Ryan P. Sfreddo, managing director of investor relations. "With many federal housing programs facing deep cuts and with the tax reform tempest swirling around us, we are proud to have executed on this fund closing, which will provide construction and permanent jobs, as well as much-needed quality affordable housing, to thousands of people across 12 different states."

Red Stone Equity also announced a major milestone in the company's history by celebrating its 10th anniversary in the multifamily housing industry and surpassing $3.5 billion of tax credit equity raised and invested since inception. The company 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, New York, Los Angeles, and San Diego.

With $3.7 billion of tax equity raised and under management, Red Stone Equity has helped finance the development of more than 27,000 units of affordable housing across more than 300 properties located in 36 states, the District of Columbia, and Puerto Rico.