ATLANTA, June 29, 2021 (GLOBE NEWSWIRE) -- Monarch Private Capital, a nationally recognized tax-advantaged investment firm that develops, finances and manages a diversified portfolio of projects that generate both federal and state tax credits, is pleased to announce the financial closing of low-income housing tax credit equity (LIHTC) for a $20 million affordable senior living development called The Gateway at Augusta, located in Augusta, Georgia.
The Gateway at Augusta is located at 3699 Peach Orchard Road in Augusta, Georgia. The community will consist of 122 affordable apartment units, available for households ages 55 and older earning at or below 60 percent of the Area Median Income (AMI). The three-story apartment building will comprise 18 one-bedroom units and 104 two-bedroom units, complete with elevator access and ample parking for residents. Each unit will be accessible and adaptable as defined by the Fair Housing Act of 1988, featuring HVAC, washers and dryers and energy-efficient appliances by ENERGY STAR. Additional amenities will include a community space, computer center, a covered picnic area with grills and a fitness room. Monarch partnered with Gateway Development Corporation to bring the project to fruition, which is expected to be available for rent in 2023.
“Gateway has been eager to move into the city of Augusta for some time,” said Josh Mandell, President of The Gateway Companies. “It is a growing, attractive market with a strong demand for quality affordable housing. Our team is excited about the opportunity to help meet this need with Monarch and our other partners.”
Augusta is Georgia’s second-oldest and second-largest city, with a population of over 605,000. Also called the South’s “Garden City,” Augusta is home to some of the country’s most picturesque lakes and trails. The Masters Tournament is held in the city every year, showcasing some of the city’s natural beauty. A key site of the Revolutionary and Civil Wars, the city’s streets are lined with historically significant homes and buildings that foster the quaint, southern charm-like character that permeates the town today. Army Base Fort Gordon is located southwest of the city and is a major contributor to Augusta’s economy and culture. From hiking through serene nature preserves to visiting historic attractions and unique art galleries, there’s something for everyone in Augusta.
The new affordable apartment community in Augusta will help address Georgia’s critical shortage of affordable rental homes while stimulating the economy and serving as a valuable resource to local seniors. Based on estimations from a 2015 report from the National Association of Home Builders (NAHB), the project is expected to create nearly 200 jobs and generate over $14 million in local income in the first year alone.
“The Gateway at Augusta apartments will provide residents with quality affordable homes and valuable resources,” said Brent Barringer, Managing Director of LIHTC at Monarch. “We appreciate our collaboration with Gateway Development Corporation, whose excellent leadership and expertise will help fill a significant housing void in the area and foster a stronger community for local seniors.”
For more information on Monarch’s programs and services, please contact Brent Barringer by emailing bbarringer@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages ESG funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.
About Gateway Development Corporation
For over 30 years, Gateway Development Corporation and its affiliates (The Gateway Companies) have developed, owned and operated affordable, workforce, conventional and senior multifamily housing communities throughout the Southeast United States. This distinguished length of performance in the industry was built on honoring commitments and ensuring consistent quality. Its team, partners and long-term service providers worked tirelessly to help establish its track record and today, that track record is one of its greatest assets. Since formation, The Gateway Companies have developed more than 100 communities with over 7,000 housing units, across six states.