RED STONE PARTNERS CLOSES $130 MILLION IN FINANCING FOR LOW INCOME HOUSING

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NEW YORK CITY — Red Stone Partners has closed a $74 million tax-exempt financing and a $35 million direct equity placement for the preservation and rehabilitation of Linden Plaza, a low-income multifamily facility in Brooklyn, New York City. The facility contains five high-rise buildings with 1,527 rental units. The borrower, The DeMatteis Organization, plans to utilize approximately $52 million to renovate the property. Funding was provided by Wachovia Multifamily Capital and Freddie Mac. Red Stone provided first loss mezzanine credit enhancement and arranged for the direct placement of $35 million in tax credit equity with a single investor. The NYC Housing Development Corporation issued tax-exempt multifamily housing bonds for the facility.

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