Ready Capital - Red Stone Closes Affordable Housing Construction Deals in Portland and Las Vegas
NEW YORK, Nov. 12, 2021
NEW YORK, Nov. 12, 2021 /PRNewswire/ -- Red Stone, a leading provider of real estate finance services to the multifamily affordable housing industry and wholly-owned subsidiary of Ready Capital Corporation (NYSE: RC) ("Ready Capital"), today announced that it has closed two sizeable affordable housing construction deals, in Portland and Las Vegas respectively.
The $34.5 million construction and permanent financing of a new 214-unit affordable housing community in downtown Portland known as Tiller Terrace marks the first deal Red Stone has done in Oregon. The property is located in the Goose Hollow neighborhood of downtown Portland and will offer many tenant amenities including a community room, computer lab and rooftop terrace.
The second transaction is a new construction development to be named "Lake Mead West Apartments" located in the City of North Las Vegas. The property includes a children’s park, dog park, community pool, computer learning lab and meeting space for resident services and activities. Red Stone provided $26.5 million in construction and permanent financing for the development of 156 affordable units that closed in October.
"We continue to bring innovative lending solutions to the multi-family affordable housing arena and are proud to extend our footprint into Oregon," said Brian Renzi, Managing Director of Red Stone. "We see further opportunities in the greater Portland and Las Vegas areas, as we do across the US, and have a healthy pipeline in Q4 and going into 2022."
Red Stone has closed $232 million of financings since being acquired by Ready Capital earlier this year. "Ready Capital will provide greater resources, reach and collaboration to allow Red Stone to grow and continue to be a leading force across the multifamily affordable housing sector," said John Sokolovic, Chairman of Red Stone.
About Red Stone
Red Stone is a leading real estate finance and investment company that provides innovative financial products and services to the multifamily affordable housing industry throughout the United States. Red Stone focuses on providing acquisition, development period, bridge financing and permanent mortgage capital on properties that are financed utilizing tax exempt and taxable bonds. Since its founding in 2002, Red Stone has provided in excess of $ 4.8 billion of mortgage debt and equity capital used to finance over 64,000 apartment units in affordable and mixed income rental properties. For more information, visit www.redstoneco.com
About Ready Capital Corporation
Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small to medium balance commercial loans. Ready Capital specializes in loans backed by commercial real estate, including agency multifamily, investor and bridge as well as SBA 7(a) business loans. Headquartered in New York, New York, Ready Capital employs over 500 lending professionals nationwide. The company is externally managed and advised by Waterfall Asset Management, LLC. For more information, visit http://www.readycapital.com
Contact
Investor Relations
Ready Capital Corporation
212-257-4666
InvestorRelations@readycapital.com
Ready Capital Media Relations
PR@readycapital.com
SOURCE Ready Capital Corporation
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Ready Capital Corp.
Symbol: RC
Exchange: NYSE
Founded: 2007 (17 years)
Type of REIT: Mortgage REIT
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Market Capitalization: Small-Cap
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Internally Managed REIT
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Last updated: 2024-05-16 - v1.3