Red Stone Partners announces $250 million tax-exempt bond fund

By Angela McDaniels

Tacoma, Wash., July 21 - Red Stone Partners launched a $250 million investment fund to acquire fixed-rate tax-exempt multifamily housing bonds and has directly purchased more than $50 million of bonds so far, according to a company news release.

Red Stone recently purchased $16.25 million of unenhanced fixed-rate bonds financing a 157-unit 100% affordable Low Income Housing Tax Credit property located in San Jose, Calif.

It also purchased $13.5 million of unenhanced fixed-rate bonds financing a 250-unit, 100% affordable LIHTC property completed and stabilized in 2008 and located in Houston.

The fund was established to purchase newly issued tax-exempt bonds used to finance the acquisition and rehabilitation of affordable multifamily housing and to purchase and restructure existing tax-exempt bonds on stabilized properties.

The program is available for bonds issued to finance 4% low-income housing tax credit properties and non-profit/501c3 multifamily bonds.

Red Stone is a New York real estate finance company that provides tax-exempt bond financing, tax credit syndication and HUD/FHA insured lending to owners and developers of affordable multifamily housing.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.