Red Stone Equity Partners has closed its Red Stone Equity – 2018 National Fund (2018 Fund), a $144 million multi-investor Low Income Housing Tax Credit (LIHTC) investment fund.
“The closing of the 2018 Fund demonstrates continued investor demand for well-structured affordable housing investment opportunities in this post-tax reform era,” said Ryan Sfreddo, Red Stone’s managing director of investor relations.
The 2018 Fund is the eighth Red Stone Equity multi-investor fund offering to close in the past seven years and includes investments from six institutional investors.
The 2018 Fund’s proceeds will be used, along with other project-level financing sources, to finance the construction and/or rehabilitation of more than 2,100 units of affordable housing across 20 properties located in 16 different states.
With the closing of the 2018 Fund, Red Stone Equity has now raised more than $275 million of LIHTC equity capital thus far in 2018.
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