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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