Red Stone Closes Affordable Housing Construction Deals in Portland and Las Vegas

Rhea-AI Summary

Red Stone, a subsidiary of Ready Capital (NYSE: RC), announced the closing of two significant affordable housing construction deals in Portland and Las Vegas. The Portland project involves $34.5 million in financing for Tiller Terrace, a 214-unit community featuring various amenities. The Las Vegas project, Lake Mead West Apartments, secured $26.5 million for 156 units with community facilities. Since its acquisition by Ready Capital, Red Stone has executed $232 million in financing, signaling growth potential in multifamily affordable housing.

Positive

• Closed $34.5 million financing for Tiller Terrace in Portland.
• Secured $26.5 million for Lake Mead West Apartments in Las Vegas.
• Completed $232 million in financing since acquisition by Ready Capital.
• Healthy pipeline of opportunities in Portland and Las Vegas markets.

Negative

• None.

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

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SOURCE Ready Capital Corporation

FAQ

What recent deals did Ready Capital (NYSE: RC) close for affordable housing?

Ready Capital's subsidiary Red Stone closed two deals: $34.5 million for Tiller Terrace in Portland and $26.5 million for Lake Mead West Apartments in Las Vegas.

How much financing has Red Stone secured since being acquired?

Red Stone has closed $232 million of financing since its acquisition by Ready Capital.

What are the key features of the Tiller Terrace project in Portland?

Tiller Terrace will have 214 units and amenities like a community room, computer lab, and rooftop terrace.

What amenities will the Lake Mead West Apartments in Las Vegas offer?

Lake Mead West Apartments will feature a children's park, dog park, community pool, computer learning lab, and meeting space.

What does the future look like for Red Stone and Ready Capital in the affordable housing sector?

Red Stone sees further opportunities in Portland and Las Vegas, with a healthy pipeline moving into 2022.