Market Overview

Red Stone Partners Provides $20,160,000 for the Rehabilitation of Two Affordable Senior Citizen Rental Buildings in Rensselaer, NY

Share:

Red Stone Tax-Exempt Funding LLC ("Red Stone") recently closed the
following tax-exempt bond transactions via its Red Stone Direct Bond
Purchase Program:

An affiliate of Red Stone acquired $20.160 million of tax-exempt bonds,
the proceeds of which will provide mortgage capital for the acquisition,
rehabilitation, and permanent financing of two affordable senior rental
communities. The properties are in the city of Rensselaer, NY which is
directly across from Albany along the Hudson River. The properties both
benefit from Section-8 rental subsidies that ensure the affordability of
the communities for their low-income senior tenants.

The properties, Van Rensselaer Heights and Renwyck Place (originally
constructed in 1980), will benefit from modernization via rehabilitation
budgets exceeding $45,000 per unit. The redevelopment of the properties
will be completed by Millennia Housing Development, Ltd. (Millennia).
Millennia is a Cleveland, Ohio based industry leader with extensive
experience acquiring, recapitalizing and redeveloping affordable housing
across the United States. Boston Capital Corporation, a leading
affordable multifamily housing investment company, purchased
approximately $9.5 million in Low-Income Housing Tax-Credits ("LIHTCs").

"Millennia is thrilled to close on the acquisition/construction
financing of these properties and looks forward to immediately
mobilizing on the rehabilitation of these buildings. Both are truly
special properties filled with wonderful residents who deserve a
first-class home in which to live," commented Tom Mignoga, Development
Manager for Millennia. "We are honored to have worked with Red Stone
Partners, Boston Capital, the City of Rensselaer and the Buffalo HUD
Office; all of who worked tirelessly to ensure that this transaction
kept moving forward. We appreciate our strong relationships with Red
Stone Partners and Boston Capital and look forward to working with them
again in the future."

Brian Renzi, Managing Director at Red Stone, noted that, "these were
complicated transactions that were separate but needed to close
simultaneously. All participants were crucial in the recapitalization
process of these communities. Millennia is one of Red Stone's strongest
developer relationships and over the past five years we have worked
together to preserve and rehabilitate nearly 2,000 units utilizing
tax-exempt bonds in conjunction with the Low-Income Housing Tax-Credit.
A solid relationship between developer and lender can make all the
difference on a transaction like this."

View Comments and Join the Discussion!