Red Stone Equity Partners Closes Largest Multi-Investor LIHTC Fund Offering in its 15-year History

NEW YORK, July 20, 2022 /PRNewswire/ -- Red Stone Equity Partners LLC ("Red Stone Equity" or the "Company"), a privately-owned real estate finance and investment company specializing in affordable multifamily residential funds and financings, announced the closing of Red Stone Equity – Fund 95 Limited Partnership ("Fund 95"), a $233-million multi-investor Low Income Housing Tax Credit ("LIHTC") investment fund. Fund 95 is the 18^th and largest Red Stone Equity multi-investor fund offering to close since the Company's inception and includes investments from nine different institutional investors, six of which are repeat Red Stone Equity investors and three of which are first-time Red Stone Equity investors. Fund 95's proceeds will be used, along with other project-level financing sources, to finance the construction and/or rehabilitation of more than 1,700 units of affordable rental housing contained within 24 properties located in 12 different states. The Company had an exceptionally strong first half of 2022 in raising nearly $650 million for its various affordable housing investment funds.

"We are pleased to announce the closing of our largest multi-investor LIHTC fund to date, which includes investments from six repeat Red Stone Equity investors and welcomes three new investors into our family of LIHTC funds," said Stephanie Kinsman, Red Stone Equity's Managing Director of Investor Relations. "The closing of Fund 95 comes at a time when affordable housing is desperately needed. According to 2020 data from the American Community Survey, approximately 46% of renter households are at least moderately cost-burdened (spending 31-40% of income on housing), and 24% of renter households are severely cost-burdened (spending 51% of income or more on housing). Today, we are seeing unprecedented increases in rents, and the current state in inflation is making the situation even worse for many hard-working people in the United States. Red Stone Equity remains as committed as ever to doing its part to help alleviate the growing affordable housing crisis."

In addition to the closing of Fund 95, this year commemorates the Company's 15^th anniversary as a leader in the affordable housing industry. Since 2007, Red Stone Equity has raised over $8 billion of tax credit equity and financed the construction and/or rehabilitation of more than 600 affordable housing properties containing more than 52,000 affordable rental homes for those in need across 45 states, territories and districts, as well as 932 megawatts of solar energy installations. The Company continues to prioritize best-in-class service for its investor and developer partners while creating homes for those in need and increasing community engagement through its initiatives in philanthropy, ESG, and diversity, equity and inclusion.

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 prioritizes environmental, social and governance "(ESG") factors in all aspects of its business, and builds upon long-lasting relationships with investors and developers as it acquires, structures, and provides long-term asset management services to its institutional clients. Since inception, Red Stone Equity has raised over $8 billion of tax credit equity. These funds have been used to finance the construction and/or rehabilitation of more than 52,000 units of affordable housing in 45 states, Washington, D.C. and Puerto Rico. Red Stone Equity has offices in Boston, Charlotte, Chicago, Cleveland, New York, and San Diego. For more information, please visit us at rsequity.com or on LinkedIn or Twitter.

SOURCE Red Stone Equity Partners, LLC