NEW YORK, NY – An affiliate of Red Stone bought $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, bought 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.”

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RALEIGH, NC – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has bought Sterling Town Center, a 339-unit multifamily community located in Raleigh. The asset will undergo approximately $1.523 million in property improvements.

American Landmark, and its debt and equity partner Electra America are selectively and decisively acquiring value-add properties in brilliant locations across the Southeast. The firm, which has already bought 16 properties this year worth over $800 million, expects to complete $1.5 billion in multifamily acquisitions in 2018. This is their eighth acquisition in North Carolina.

The firm plans to implement its standard enhancements to interiors and common areas with modern amenities including upgraded kitchen cabinets, hardware and granite countertops. Community enhancements include landscape beautification, new pool furniture, clubhouse upgrades, new fitness center equipment, and package locker systems.

“With major employers including Duke University and Health System and IBM, Raleigh’s below-average unemployment and continued population growth have allowed the metro to become one of the Southeast’s most prominent investment markets,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “The choice to expand our portfolio in this vital region was made simple, and we look forward to serving residents with renowned quality.”

Built in 2013, Sterling Town Center is located at 7880 Triangle Promenade Drive. One-, two, and three-bedroom units include spacious walk-in closets, tile backsplash, screened porches and private balconies, dishwasher and washer/dryer. Community amenities include barbecue area with grill, sundeck, picnic area, clubhouse and fitness center.

Situated five minutes away from Interstate 540, Sterling Town Center is found near employment hubs, shopping and recreational destinations. Triangle Town Center is five minutes away, North Ridge Country Club is ten minutes away, and Duke Raleigh Hospital is less than 15 minutes away.

American Landmark is a national multifamily owner-operator specializing in multifamily acquisition, repositioning and property management.  It owns and operates properties in Georgia, Florida, North Carolina, South Carolina and Texas. 

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