Red Stone Achieves $1.5B Investment Milestone
- Jan 29, 2008
By Anuradha Kher, Online News EditorNew York–Red Stone Partners, a privately held national multifamily finance company, has achieved its 2007 origination goal of $400 million and has invested over $1.5 billion in multifamily properties throughout the U.S.“Despite the challenges arising from the dislocation in the capital markets, we have demonstrated success during the last year,” says Jim Gillespie, managing director of Red Stone Partners. “We are also well-positioned with the capital necessary to capture opportunities and achieve our origination targets of $350 to $400 million in 2008. We intend to expand our product lines while continuing to focus exclusively on affordable multifamily finance,” he says.Some of Red Stone’s investments include a financing of $80 million in tax-exempt bonds and taxable notes to a 1,222-unit apartment community in Phoenix and a $20 million mezzanine loan for purchase of nine multifamily properties in Florida, Indiana, Iowa, Alabama (Cottage Hill Apartments-pictured) and South Carolina.Red Stone was formed with capital managed by Prudential Real Estate Investors (PREI). The company provides a full range of debt and equity capital including tax-exempt bond financing, direct bond purchase and HUD-approved FHA insured lending, and focuses on tax-exempt and affordable housing finance programs.