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Red Stone Equity Closes on Its Largest LIHTC Fund to Date
New York City-based Red Stone Equity Partners LLC has closed on Red Stone Equity – Fund 113 Limited Partnership, a $263.2-million multi-investor Low-Income Housing Tax Credit equity investment fund. Fund 113 is the 18th and largest multi-investor national LIHTC fund offering to close since the company’s inception.
The new fund will invest in 13 ground-up construction projects, two renovation projects and four adaptive re-use developments, totaling 1,672 units. Eight properties in Fund 113 will qualify for federal energy tax credits and nine will be developed by Minority or Women-owned Business Enterprises.
“We are very pleased to announce the closing of our largest multi-investor LIHTC fund vehicle to date and which will bring high-quality affordable housing to more than 1,600 households in 19 different communities across our nation,” said Ryan P. Sfreddo, CEO of Red Stone Equity.
With the closing of Fund 113, Red Stone has now raised more than $1.3 billion of LIHTC equity capital this year.
Pictured: Red Stone’s Beach Green Dunes Plaza Phase II in Rockaway, Queens.
- ◦Development
- ◦Financing
