The portfolio is comprised of seven properties located throughout Ohio. The seven properties total 455 units and include Abbott’s Manor, Langston Common, Perry’s Glen, Vinton Green, Lincoln Meadows, Hayes Meadows and Hayes Manor.
$26,360,000 fixed rate tax-exempt bond financing providing construction and permanent loan capital. The bond financing was done under one master facility for all seven properties, allowing each property to close on a separate timeline while minimizing costs.
Red Stone purchased $19,150,000 of fixed rate tax-exempt bonds used to acquire and preserve Bellflower Friendship Manor. As part of the Red Stone purchased $18,785,000 of fixed rate tax-exempt bonds used to acquire and preserve the three properties. The properties all benefit from SRed Stone purchased $26,360,000 of fixed rate tax-exempt bonds used to acquire and preserve the seven properties collectively referred to as the Greater Ohio Portfolio. The properties all benefit from Section 8 rental subsidies that were extended for 20 years to ensure the long-term affordability of the Portfolio. As part of Red Stone’s bond financing, the properties received substantial upgrades and capital work totaling over $36,500 per unit in hard costs.