Red Stone Equity Partners Deepens Executive Bench Amid Double-Digit Year-Over-Year Growth
NEW YORK, June 29, 2023 /PRNewswire/ -- Red Stone Equity Partners LLC ("Red Stone Equity" or the "Company"), a privately-owned real estate finance and investment company specializing in affordable multifamily fund management, announced today that founder and Chief Executive Officer, Eric McClelland, will transition to Executive Chairman, and that Ryan Sfreddo will be promoted from President to CEO and Michael Wiggers from CFO to President & CFO, effective July 1, 2023. These elevations come on the heels of the Company having increased its executive management team from six (6) members to 10 members over the past 18 months, and the Company having achieved record results in 2022.
- Most recently, Sfreddo has served as Red Stone Equity's President where he has led the firm's tax equity syndication business, focusing on acquisitions, investor relations and portfolio management.
- "Building Red Stone Equity into a best-in-class investment management firm with such a talented and collaborative team has been the gift of a lifetime," said McClelland.
- They are the right leaders for Red Stone Equity," added McClelland, who will focus on the Company's strategic planning, corporate development, enterprise growth initiatives and corporate philanthropic activities.
- Fund 99 is the 20th multi-investor LIHTC fund offering to close since the Company's inception and includes investments from 10 different institutional investors, nine of which are repeat Red Stone Equity investors and one of which is a first-time Red Stone Equity investor.