Red Stone Equity Partners, LLC, announced that it has raised and invested $1 billion of low-income housing tax credit equity within the first five years of business.
"Five years ago, it was universally acknowledged that we were starting a syndication company in a very challenging market," said Eric McClelland, president and co-founder of Red Stone, in a statement. "Tax credit equity pricing was at its peak, clear signs of a real estate bubble existed, and warnings of a global recession were everywhere. However, we were able to create a company that placed an emphasis on our investor and developer partners while learning from both past industry successes and mistakes.”
The $1 billion in equity proceeds has been used to help finance the construction and/or rehabilitation of approximately 7,800 units of affordable housing across 101 properties in 24 states.