NEW YORK, Feb. 29, 2016 /PRNewswire/ -- Red Stone Equity Partners, LLC ("Red Stone Equity"), a privately-owned real estate finance and investment company specializing in multifamily residential funds and financings, has announced that it recorded the most productive year in its nine-year history by raising $591 million of tax credit equity in 2015, which included closing on its fifth and largest national multi-investor fund, Red Stone – 2015 National Fund, L. P.
Red Stone Equity's CEO and President, Eric McClelland, commented, "2015 was a very gratifying year. Since our beginning nine years ago, we have been focused on putting the foundation for growth in place and 2015 saw those efforts pay off in a meaningful way. We are extremely appreciative to our investor and developer partners, as well as to our dedicated team, for everything that they have done to assist us in getting to this point."
Red Stone now has in excess of $2.7 billion of equity funds under management. These funds have been used, along with other project- level financing sources, to finance the construction and /or rehabilitation of more than 20,000 units of affordable housing across 236 properties located in 31 different states, the District of Columbia and Puerto Rico.
"This past year saw us expand our business in many meaningful ways. We conducted business in new states, including Ohio and Missouri, and we added several new investors to our family of LIHTC funds. We hope to continue that momentum in 2016," said Robert Fein, Red Stone Equity's Chief Operating Officer.
Red Stone - 2015 National Fund, L.P. represents Red Stone Equity's largest multi-investor fund offering to date and includes commitments from four repeat Red Stone Equity investors and three first-time Red Stone Equity investors. The $145.8 million multi-investor LIHTC equity fund is designed to finance the construction and/or rehabilitation of over 1,500 units of affordable housing across 20 properties located in more than 10 states.
"Red Stone Equity has offered a national multi-investor fund to the marketplace in each of the last five years," said Ryan Sfreddo, Red Stone Equity's Managing Director of Investor Relations. "We are pleased that our investor partners continue to demonstrate confidence in our ability to organize diversified, high-quality investment vehicles to meet their investing needs and wants, and we look forward to continuing our fundraising and investing work in 2016 and the years to follow."
In other company news, Red Stone Equity opened a new regional office in Boston in September 2015 and relocated its New York office in December 2015, with these new locations set forth below:
Red Stone Equity Partners
10 Cabot Road, Suite 210
Medford, MA 02155
Red Stone Equity Partners
805 Third Avenue, 15th Floor
New York, NY 10022
In addition to its Boston and New York office locations, the company has office locations in Cleveland, Charlotte, and Chicago.
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 is headquartered in Cleveland, OH, with regional offices in Boston, Charlotte, Chicago, and New York. For more information, please visit www.rsequity.com or www.linkedin.com/company/red-stone-equity-partners-llc.
SOURCE Red Stone Equity Partners, LLC