Cision PR Newswire
Red Stone Equity Partners Achieves Record Fundraising and Investment Milestones in 2021
News provided byRed Stone Equity Partners, LLC
Jan 25, 2022, 8:35 AM ET
NEW YORK, Jan. 25, 2022 /PRNewswire/ -- Red Stone Equity Partners LLC ("Red Stone Equity" or the "Company"), a privately-owned real estate finance and investment company specializing in affordable multifamily residential funds and financings, announced today that 2021 marked the most successful year in the Company's history in terms of fundraising activity. Among other notable accomplishments in 2021, Red Stone Equity closed its twelfth and thirteenth national multi-investor Low Income Housing Tax Credit ("LIHTC") funds, and fourth California-only LIHTC fund offering, helping the Company finish the year with $7.6 billion in tax credit equity raised since the firm's inception.
Red Stone Equity raised $1.12 billion of tax equity from 35 different LPs in 2021, comprised of $1.07 billion of affordable housing tax equity and $46 million of renewable energy tax equity. Within its affordable housing vertical, Company-sponsored investment funds invested in 71 LIHTC properties developed by 48 different developer partners and containing more than 5,500 affordable rental homes located in 24 different states. Additionally, the creation or preservation of these 5,500+ affordable homes will provide an estimated 6,900 jobs as well as direct and indirect community revitalization and other economic benefits.
As part of its 2021 LIHTC fundraising and investment activities, Red Stone Equity closed on nearly $575 million of tax equity in single-investor (a/k/a proprietary) LIHTC fund format and on approximately $500 million of tax equity in multi-investor LIHTC fund format. Within its multi-investor LIHTC product line, the Company closed on three new LIHTC fund offerings throughout the year, which included its largest national and California-only investment funds raised to date.
"There is an affordable housing crisis playing out across America, made worse by the COVID-19 pandemic. In order to help bring much needed affordable housing to individuals and families, Red Stone Equity is pleased to have raised more than $1.1 billion in tax credit equity in 2021, which is a result of strong relationships with our developer and investor partners who work alongside the more than 85 dedicated Red Stone Equity employees to make it all happen. We look forward to continuing and expanding upon these partnerships in 2022 and beyond," said Stephanie Kinsman, Red Stone Equity's Managing Director of Investor Relations.
Since the firm's inception in 2007, Red Stone Equity-sponsored investment funds have financed the construction and/or rehabilitation of 589 LIHTC properties containing more than 50,000 units of affordable housing and 932 megawatts of solar energy installations.
Red Stone Equity's President, Ryan Sfreddo, noted, "The need for affordable and supportive housing has been exacerbated by the pandemic, and it is essential that we take the necessary steps to ensure every American has a roof over their head. Our 2021 investment activities were made possible by our dedicated investor and developer partners, as well as by our talented and resilient team. Red Stone Equity hired 15 new employees in 2021 to help us meet the critical need for affordable housing across the nation. This incremental staffing will help support our efforts to provide best-in-class service to our investor and developer partners, while enhancing our ability to execute on multiple fund offerings and expanding the Company's investment activities and footprint."
About Red Stone Equity Partners LLC
Red Stone Equity Partners LLC ("Red Stone Equity") is a leading real estate investment firm specializing in the syndication of Low-Income Housing Tax Credits and Renewable Energy Tax Credits to facilitate the development of affordable multifamily rental housing and renewable energy projects, respectively. Red Stone Equity prioritizes environmental, social and governance "(ESG") factors in all aspects of business and our company. Red Stone Equity builds upon long-lasting relationships with investors and developers as it acquires, structures, and provides long-term asset management services to its institutional clients. Since inception, Red Stone Equity has raised over $7.6 billion of tax credit equity. These funds have been used to finance the construction and/or rehabilitation of more than 50,000 units of affordable housing in 45 states, Washington, D.C. and Puerto Rico. Red Stone Equity has offices in Boston, Charlotte, Chicago, Cleveland, New York, and San Diego. For more information, please visit us at rsequity.com and on LinkedIn or Twitter.
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SOURCE Red Stone Equity Partners, LLC