Monarch Private Capital Funds New Affordable Housing

ATLANTA, Aug. 19, 2022 (GLOBE NEWSWIRE) — Monarch Private Capitala nationally recognized ESG investment firm that develops, finances and manages a diverse portfolio of projects generating federal and state tax credits, is pleased to announce the financial close of the Housing Tax Credit for Low-Income People (LIHTC) for an affordable $40 million. housing development called Gateway at Cross Creek in Central, South Carolina.

The Gateway at Cross Creek apartment community is located on the south side of Cross Creek Road in Pickens County, central South Carolina. The new development will consist of seven three-story residential buildings containing 168 affordable housing units with one-, two- and three-bedroom floor plans available for households earning 60% or less of the area median income (AMI). The new development will include a community hall, business center, exercise facility, car wash, playground and tennis court. Monarch has partnered with Gateway Development Company to complete the project, which is expected to be available for charter in 2023.

“This development is a huge source of pride for our team,” said Josh Mandel, president of The Gateway Companies. “We have received consistent support from Central City officials, who have repeatedly expressed the need for quality, affordable housing in the area. Additionally, various state officials have praised Cross Creek for be one of the top 4% of credit-financed bond/government developments to serve a non-metro/non-coastal market.

Central, South Carolina is a small railroad town incorporated in the 1870s when the Atlantic and Richmond Air Line (later the Southern Railroad) laid a track through Pickens County midway between Atlanta, Georgia and Charlotte, North Carolina. Soon after, it became a depot for repair shops and service stations, which they appropriately named “Gare Centrale”. Today, the city is still rich in history, with many historic neighborhoods and buildings preserved and listed on the National Register of Historic Places. Residents enjoy a wide range of activities, from spending time in local parks to visiting the local shops and restaurants that line its historic main street. Central is home to Southern Wesleyan University, and Clemson University and Tri-County Technical College are also nearby.

In addition to addressing the severe shortage of affordable housing in the area, the development of Gateway at Cross Creek will have a significant impact on the local economy. According to a National Association of Home Builders (NAHB) report, the project is expected to create approximately 270 jobs and generate nearly $20 million in local revenue in the first year alone.

“As the first major affordable housing development in the area in over a decade, we are especially excited to bring the Gateway at Cross Creek apartments to the central community,” said Brent Barringer, Partner and Managing Director of LIHTC at Monarch. “Our collaboration with Gateway Development Corporation and the support of local authorities will help improve the lives of downtown residents and promote the continued growth and development of the city.

For more information about Monarch Private Capital and ESG tax equity investing, please contact Brent Barringer by email [email protected].

About Monarch Private Capital

Monarch Private Capital manages ESG funds that positively impact communities by creating clean energy, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The company offers innovative tax credit investments for affordable housing, historic rehabilitations, renewable energy, cinema and other qualified projects. Monarch Private Capital maintains long-term relationships with institutional and individual investors, sponsors and lenders who participate in these types of federal and state programs. Based in Atlanta, Monarch has offices and professionals located across the United States

About Gateway Development Corporation

For nearly 40 years, Gateway Development Corporation and its affiliates (The Gateway Companies) have developed, owned and operated affordable, conventional and seniors’ multifamily housing communities throughout the Southeastern United States. This long span of industry-leading performance has been built on honoring commitments and ensuring consistent quality. Its long-standing team, partners and service providers have worked tirelessly to help build its track record, and today, that track record is one of its greatest assets. Since their inception, The Gateway Companies have developed over 100 communities with over 7,000 homes in six states.


        

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