Red Stone Equity Partners LLC has closed Red Stone Equity – Fund 84 Limited Partnership,a $207-million multi-investor Low Income Housing Tax Credit investment fund. Fund 84 is the 18th and largest Red Stone multi-investor fund offering to close since the company’s inception and includes investments from 12 different institutional investors.
With the closing of Fund 84, Red Stone has now raised more than $340 million of LIHTC equity capital year to date. The Midtown Manhattan-based company said the closing coincides with the acute and growing need for affordable housing that has only been amplified by the COVID-19 pandemic.
“We are proud to have executed on the Fund 84 closing for our investor and developer clients, but more importantly for the thousands of hardworking families, veterans, people with special needs, teachers, nurses, firefighters, police officers, and seniors it will help to house,” said Ryan P. Sfreddo, president of Red Stone.
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).