Red Stone Equity Concludes Most Productive Year in Its History and Appoints Ryan Sfreddo as President
NEW YORK, Jan. 7, 2020 /PRNewswire/ -- Red Stone Equity Partners LLC ("Red Stone Equity"), a privately-owned real estate finance and investment company specializing in multifamily residential funds and financings, announced today that 2019 marked the most successful year in the company's history as it surpassed $5.5 billion in tax credit equity raised since the firm's 2007 inception, and that it has named Ryan Sfreddo as President.
Red Stone Equity raised $1.1 billion of tax credit equity in 2019 and its funds invested in 68 underlying transactions. The $1.1 billion of tax credit equity was comprised of $1.03 billion of Low Income Housing Tax Credit ("LIHTC") equity and $70 million of renewable energy tax equity. Red Stone Equity added investments in Arkansas, New Hampshire and South Carolina, increasing the breadth of its investment portfolio to span 42 states, The District of Columbia and Puerto Rico. Red Stone Equity-sponsored investment funds have been used, along with other project-level financing sources, to finance the construction and/or rehabilitation of 442 properties containing more than 38,000 units of affordable housing and 676 megawatts of solar energy installations.
As part of its 2019 fundraising and investment activities, Red Stone Equity sponsored three different multi-investor LIHTC funds, Red Stone Equity – 2019 National Fund, L.P., Red Stone Equity – Fund 75 Limited Partnership and Red Stone Equity – 2019 CA Regional Fund, L.P. Collectively, these funds closed on $368.4 million in investor subscription commitments to finance the construction and /or rehabilitation of 45 projects containing 3,907 units of affordable rental housing across the country.
Also contributing to the record-breaking year was Red Stone Equity's efforts in New York City where it invested more than $275 million of LIHTC equity in 2019. Hope Gardens represents the company's largest single asset financing to date at $88.2 million in LIHTC equity; the project is a comprehensive renovation and modernization of 949 units contained within 47 buildings, which are located within five complexes in Brooklyn's Bushwick neighborhood.
The company has also announced that it has named Ryan Sfreddo as President, effective immediately. Most recently, Mr. Sfreddo has served as a Principal and Managing Director of Investor Relations where he has overseen the marketing and distribution of the company's tax credit investments. Mr. Sfreddo has 21 years of real estate and affordable housing experience and has been a member of Red Stone's Executive Leadership Team since joining the company in 2011. In that time, he has been instrumental to the company's success and growth. "My partners and I are excited that Ryan has agreed to step into this important role. Since joining our company, he has been instrumental to our efforts to grow and service our investor base, and now he can bring that same vision and energy to our entire tax credit syndication platform," said Eric McClelland, Red Stone Equity's founder and CEO. In his new role, Mr. Sfreddo will be responsible for leading the firm's affordable tax credit syndication business, focusing on acquisitions, investor relations and portfolio management. Mr. Sfreddo will continue to work out of the company's New York City office. Mr. McClelland will continue as CEO and focus on the company's overall strategic planning, growth and diversification initiatives.
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 builds upon long-lasting relationships with investors and developers as it acquires, structures, and provides long-term asset management services to its institutional clients. Its senior management represents more than a combined 100 years of tax credit equity syndication experience, involving the acquisition and syndication of approximately $15 billion of tax credit equity. Red Stone Equity has offices in Boston, Charlotte, Chicago, Cleveland, Los Angeles, New York, and San Diego. For more information, please visit www.rsequity.com or www.linkedin.com/company/red-stone-equity-partners-llc.
SOURCE Red Stone Equity Partners, LLC
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