Red Stone Equity Partners LLC closed its $188 million low-income housing tax credit, or LIHTC, investment fund.

The closing of Red Stone Equity - 2017 National Fund LP brings the company's LIHTC equity capital raised in 2017 to more than $450 million. Eight existing Red Stone investors and three new backers participated in the just-completed funding round.

Red Stone said it will apply the fund's proceeds, together with other financing sources, toward the construction or rehabilitation of more than 1,800 affordable housing units across 25 properties in 12 U.S. states.

Red Stone is a privately owned real estate finance and investment company, with a focus on multifamily residential funds and financing. It has $3.7 billion of tax equity raised and under management, and it has helped provide development financing for more than 300 properties across 36 U.S. states, the District of Columbia and Puerto Rico.