Red Stone Partners has acquired $30.3 million in unrated multifamily housing bonds financing stabilized 4 percent low-income housing tax credit (LIHTC) properties in California and Texas. In addition, the company is committed to close $90.3 million in tax-exempt financings during the fourth quarter.
The five separate transactions include tax-exempt bonds issued to finance 1,541 apartments in four states. The properties include 80/20 market-rate transactions, 4 percent LIHTC bond deals, and preservation transactions with HUD Sec. 8 Housing Assistance Payment contracts. Financing terms range from five to 18 years.
The national real estate finance company focuses on providing capital to the affordable housing industry.
“We have seen an increase in the number of developers using tax-exempt bonds as a primary source of financing affordable housing projects in the second half of 2010 and expect the trend to continue into 2011,” said Jim Gillespie, managing director, in a statement.
