BOSTON-Locally based Red Stone Partners financed two multifamily properties through the purchase of fixed-rate tax exempt bonds. Both of the deals represent non-recourse financing. The deals were worked out by Red Stone's Jim Gillespie and Cody Langeness.

The Orchards apartments in Kansas City, MO is a 220-unit family property. The bond purchase resulted in $9.18 million in financing for developer Eagle Point Co. The multifamily property was built in 2005 and boasts one- and two-bedroom units which range in price from $600 to $900 per month.

The Flipper Temple Apartments grabbed $9.6 million through a direct tax-exempt bond purchase. The 163-unit property earned liquidity from $7.14 million in low income tax credits. Flipper Temple needed the financing for a "fail and rehab" of the Section 8 property. Roizman sold the property to an affiliate and added a 20-year extension to the Section 8 classification, while the tenants remained in place, Gillespie tells GlobeSt.com. Specifically the rehab will entail $44,500 per unit.