Red Stone Closes $26.5 Million Affordable Housing Construction Deal

Red Stone, a real estate finance service provider and wholly-owned subsidiary of Ready Capital Corporation (NYSE: RC) ("Ready Capital"), announced that it has closed an affordable housing construction deal in the City of North Las Vegas.

This new development, "Lake Mead West Apartments", consist of 156 affordable units and 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.

"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."

Source: Ready Capital Corporation