NEW YORK, NY - Red Stone Partners provided acquisition financing through the direct purchase of $28,000,000 of “80/20” multifamily tax-exempt bonds. Red Stone purchased the Bonds through a floating rate financing facility priced at a spread over the weekly tax-exempt SIFMA index. The proceeds from the purchase of the variable rate bonds helped to acquire and renovate an apartment community located in Sandy Springs, GA containing a total of 760 multifamily rental units. The property, built in 1986, is located on over 125 acres with amenities that include two pools, a fitness center, tennis courts, a movie theater, a billiards room and a large lake at the center of the property. The variable rate loan has a 6 year term with 35 year amortization.
The loan was financed by Red Stone’s Private Placement Bond Purchase Program. “Red Stone provided the borrower with a single source of non-recourse financing to fund the acquisition and renovation of the property at an attractive spread over the variable rate index and with flexible prepayment terms” said Cody Langeness, Managing Director of Red Stone Partners.
Red Stone is a national real estate finance company focused on providing innovative financial products to owners and developers of affordable multifamily housing nationwide. Red Stone’s core products include: tax-exempt bond financing; tax credit equity syndication and HUD FHA-insured lending.
Source: Red Stone Partners