Red Stone Equity Partners LLC, a privately-owned real estate finance and investment company specializing in multifamily residential funds and financings, announced today it has conducted the second and final closing of Red Stone Equity – 2018 CA Regional Fund, L.P.,a $74-million multi-investor Low Income Housing Tax Credit investment fund. The CA Fund is the first California-specific Red Stone Equity multi-investor fund offering and includes investments from eight (8) institutional investors. The CA Fund's proceeds will be used, along with other project-level financing sources, to finance the construction and/or rehabilitation of seven affordable housing properties in suburban, urban and rural areas of California. The properties—located within the cities of Antioch, Goshen, Oakland, Redding, San Diego, San Luis Obispo and Stockton—will provide 517 high quality affordable homes to low income households throughout California.
"This is the first fund that Red Stone Equity has raised to focus exclusively on the construction and/or rehabilitation of affordable housing in the state of California," said Matt Grosz, a Director in Red Stone Equity's Acquisitions Group. "We are very grateful to both our developer and investor partners for helping us be part of the solution to address the state's severe and growing supply/demand imbalance for affordable housing."
With $4.5 billion of tax equity raised and under management, Red Stone Equity has now invested nearly $500 million in California alone since the firm's 2007 inception. These funds having been used to finance the construction and/or rehabilitation of more than 3,400 units of affordable housing across 43 properties throughout the state.
"We are pleased to announce the closing of our first California-specific multi-investor LIHTC fund, which includes investments from three repeat Red Stone Equity investors and welcomes five new investors into our family of LIHTC funds," said Ryan P. Sfreddo, Red Stone's Managing Director of Investor Relations. "Too many Californians with limited incomes continue to be left behind as they struggle to pay for shelter, food, medical care and other basic necessities. With that in mind, we are proud to have executed on this fund which will provide much-needed quality affordable housing to hundreds of people located in seven different communities throughout the state."
About Red Stone Equity Partners, LLC
Red Stone Equity Partners, LLC ("Red Stone Equity") is a leading real estate investment firm specializing in the syndication of Low-Income Housing Tax Credits and Renewable Energy Tax Credits to facilitate the development of affordable multifamily rental housing and renewable energy projects, respectively. Red Stone Equity builds upon long-lasting relationships with investors and developers as it acquires, structures, and provides long-term asset management services to its institutional clients. Its senior management represents more than a combined 100 years of tax credit equity syndication experience, involving the acquisition and syndication of approximately $15 billion of tax credit equity. Red Stone Equity has offices in Boston, Charlotte, Chicago, Cleveland, Los Angeles, New York, and San Diego. For more information, please visit www.rsequity.com or www.linkedin.com/company/red-stone-equity-partners-llc.
