Red Stone Equity Partners LLC, headquartered in New York City, has successfully completed the closing of its latest investment fund – Red Stone Equity – Fund 113 Limited Partnership. This multi-investor Low-Income Housing Tax Credit (LIHTC) equity investment fund totals $263.2 million and marks the company’s 18th national LIHTC fund offering since its establishment.
The newly closed Fund 113 will support a total of 1,672 units across various types of affordable housing projects including ground-up construction, renovations and adaptive re-use developments. Additionally, eight properties within this fund will qualify for federal energy tax credits while nine will be developed by Minority or Women-owned Business Enterprises.
“We are thrilled to announce the successful closure of our largest multi-investor LIHTC fund to date,” stated Ryan P. Sfreddo, CEO at Red Stone Equity Partners LLC. “This significant achievement allows us to bring high-quality affordable housing options to over 1,600 households in nineteen different communities throughout our nation.”
With this recent accomplishment under their belt , Red Stone has now raised more than $1.3 billion in LIHTC equity capital just this year alone.
In addition to their impressive track record with fundraising efforts like Fund 113 , Red Stone is also known for developing notable projects such as Beach Green Dunes Plaza Phase II located in Rockaway Queens (pictured above).
