Red Stone invests in rental housing project in Louisiana, US

6 December 2015 (Last Updated December 6th, 2015 18:30)

Real estate financing company Red Stone has offered $16m in tax-exempt financing for a rental housing development at Baton Rouge in Louisiana, US.

Real estate financing company Red Stone has offered $16m in tax-exempt financing for a rental housing development at Baton Rouge in Louisiana, US.

To be termed as 'Port Royal Apartments', the new development will comprise 192 affordable multi-family rental units.

Besides featuring in-unit appliances and common-area facilities, the development will offer amenities including a laundry facility, swimming pool, playground, and community centre with full kitchen, business centre and fitness centre.

The firm has carried out the tax-exempt bond transaction under Direct Bond Purchase Programme through its affiliate Red Stone Tax-Exempt Funding.

"Port Royal Apartments reflects our belief that everyone deserves a quality place to live."

Construction for the development is expected to be completed by mid 2017 and will be sponsored by LDG Development.

Red Stone managing director Cody Z. Langeness said: "In addition to providing newly constructed rental units, inclusive of modern amenities, the property will be aesthetically attractive, and will be a great addition to the immediate neighborhood."

LDG Development co-founder Chris Dischinger said: "Port Royal Apartments reflects our belief that everyone deserves a quality place to live.

"Having a strong financing partner that supported our work and this belief is essential to our ongoing growth. Red Stone worked with us every step of the way and helped us structure a great development that will benefit this community for many years to come."