New York & Tri-State + Tri-State + Senior Housing | September 4, 2018

Red Stone Closes on Financing for Albany-Area Senior Housing

Red Stone Tax-Exempt Funding LLC has closed on $20.16 million in acquisition/construction financing for a pair of affordable senior rental communities in Rensselaer, NY, near the state capital of Albany, via its Red Stone Direct Bond Purchase Program. The properties, Van Rensselaer Heights and Renwyck Place, will be redeveloped by Cleveland-based Millennia Housing Development, with rehabilitation budgets exceeding $45,000 per unit.

“These were complicated transactions that were separate but needed to close simultaneously,” said Brian Renzi, managing director at Red Stone. “All participants were crucial in the recapitalization process of these communities, including Boston Capital Corporation, which purchased $9.5 million of Low Income Housing Tax Credit toward the financing.

Renzi added that Millennia is one of Red Stone’s strongest developer relationships. “Over the past five years, we have worked together to preserve and rehabilitate nearly 2,000 units utilizing tax-exempt bonds” in conjunction with LIHTCs.

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).