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Ready Capital Adds Red Stone Platform to Its Business
Ready Capital Corporation has acquired Red Stone and its affiliates for an undisclosed sum. Red Stone is a provides financial products and services to the multifamily affordable housing industry.
The company’s management team, led by John Sokolovic, and all employees have joined Ready Capital. The acquisition will further diversify Ready Capital’s business and represents its commitment to affordable housing.
“Affordable housing finance presents a significant growth opportunity that will benefit our shareholders by expanding our presence in a sector with low correlation to our other businesses,” said Tom Capasse, chairman and CEO of Ready Capital. “Moreover, the team at Red Stone has enormous talent and we look forward to building on their success collaboratively in the future.”
Ready Capital acquired the entities through which Red Stone conducts its affordable housing finance business in exchange for cash and stock along with the assumption of certain Red Stone guarantees of secured indebtedness.
- ◦Sale/Acquisition
