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$43 Million Project to Deliver Affordable Housing for Massachusetts Communities

ATLANTA, March 26, 2025 (GLOBE NEWSWIRE) – Monarch Private Capital, a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating federal and state tax credits, is pleased to announce the financial closing of low-income housing tax credit (LIHTC) equity for Walnut Street Phase I, a new affordable housing development for senior tenants aged 55+ in Foxboro, Massachusetts. In partnership with Boston Financial, this Massachusetts state LIHTC project will be placed in service in Q1 2026, helping to create much-needed affordable housing opportunities within the region and reach qualified occupancy by April 2026.

Located at 55 Walnut Street in Foxboro, Walnut Street Phase I is part of a broader effort to address the increasing demand for quality, affordable housing in Massachusetts. Developed by Peabody Properties, Inc and Affordable Housing and Services Collaborative (ASHC), in partnership with OnyxGroup Development and Wilton Company as co-developers and general partners, the $43 million development will consist of the new construction of 141 units in two, three-story, elevator-serviced buildings. The project is receiving two LIHTC allocations—one 9% and one 4%—but both buildings will be constructed simultaneously and operate together. Monarch Private Capital will be investing in the portion of the project receiving $10.5 million in 4% state credits.

The building associated with Monarch Private Capital’s investment will include 80 units, of which 60 will be reserved for tenants earning 60% of the Area Median Income (AMI), while the remaining units will be reserved for tenants receiving Section 8 Project-Based Vouchers (PBVs). Tenants who qualify for Section 8 vouchers will contribute 30% of their income toward rent, ensuring affordability for low-income residents.

“We are excited to partner with Boston Financial on Walnut Street Phase I, a critical project that will significantly enhance affordable housing accessibility in Massachusetts,” said Brent Barringer, Partner and Managing Director of LIHTC at Monarch Private Capital. “This development reflects our commitment to fostering sustainable and inclusive communities by leveraging impactful tax credit investments.”

By addressing key housing challenges in the state, Walnut Street Phase I aims to deliver long-term benefits to the local economy while providing secure, high-quality living spaces for residents. This initiative reinforces Monarch Private Capital’s dedication to supporting economic development and improving the quality of life for low-income individuals and families through strategic investment in affordable housing.

About Monarch Private Capital
Monarch Private Capital manages impact investment 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 participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.

Proceeds will help build sustainable communities through affordable housing.

Atlanta, GA – Monarch Private Capital, a nationally recognized tax-advantaged investment firm, proudly announces a $275 million bond issuance to finance affordable housing projects, reinforcing its commitment to narrowing the affordable housing gap in the United States.

HSBC served as the Sole Placement Agent for the Monarch Issuer 2024-2, LLC private asset-backed securities (ABS) transaction. On December 11, 2024, HSBC priced the $275 million issuance, with $220 million funded on December 18, 2024. The remaining $55 million will be funded through a Delay Draw mechanism over the next 12 months, supporting additional projects currently under construction.

The bond proceeds will finance 58 low-income housing projects across Georgia, South Carolina, and Oklahoma, generating quality affordable housing units while stimulating local economies. Monarch will repay principal and interest on the Notes through its syndication of Low Income Housing Tax Credits (LIHTCs) to institutional investors, including insurance companies, corporate clients, and high-net-worth individuals.

A Collaborative Effort for Positive Impact

HSBC’s collaboration extended beyond placement services, contributing structuring, ratings advisory, and trustee services to ensure seamless execution.

“This bond issuance reflects our unwavering commitment to addressing the nation’s urgent housing needs,” said Ian Chomat, Partner and Chief Financial Officer at Monarch Private Capital. “By leveraging our extensive experience in affordable housing, we aim to deliver more high-quality homes and create opportunities that strengthen communities and local economies.”

Monarch’s Continued Leadership in Impact Investing

Since its inception, Monarch has paired tax equity investing with a focus on community impact, while mitigating federal and state tax liabilities for investors. Monarch has managed tax equity impact investments in 945 projects generating $7.2 billion of tax credits, including more than $2.2 billion in LIHTCs, as of December 2024. Those projects have enabled nearly $18 billion in project capital, and over $37 billion in economic impact in 42 states, plus Washington D.C.

For more information about Monarch’s programs and services, please contact Ian Chomat at ichomat@monarchprivate.com.

About Monarch Private Capital

Monarch Private Capital manages impact investment 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 participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.

About HSBC

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$3,099bn at 30 September 2024, HSBC is one of the world’s largest banking and financial services organizations.

Nick Decicco, Senior Writer, Novogradac

A former organ factor in Worcester, Massachusetts, with history reaching back to the mid-19th century is set for a future as 36 apartments thanks to a combination of state and federal historic tax credits (HTCs).

The site was built in 1865, when John A. Farley and Simeon Taylor joined forces to create the Taylor and Farley Organ Factory, according to the National Register of Historic Places.

A developer and housing manager with strong local ties is behind the redevelopment. Worcester-based GoVenture Capital is leading the redevelopment efforts on the Taylor and Farley Organ Factory. It Follows other GoVenture housing endeavors in Worchester, including the 111-apartment the Kiln and an in-progress, 364-apartment site named The Benjamin.

The redevelopment Taylor and Farley site will include 31 market-rate apartments and five affordable apartments. GoVenutre expects to complete construction in January 2026…

“We’re proud to be part of a project that not only preserves a piece of Worchester’s rich history but also addresses the city’s housing needs in a meaningful way.”

–Rick Chukas, Partner, Managing Director HTC at Monarch Private Capital

Read The entire article in the January 2025 issue of the Novogradac Journal of Tax Credits

ATLANTA, December 5, 2024 (GLOBE NEWSWIRE) – Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances and manages a diversified portfolio of projects generating both federal and state tax credits, is proud to announce its substantial impact across South Carolina through nearly 100 investments spanning Anderson to Rock Hill and Greenville to Charleston. Utilizing Historic Tax Credits, Mill Tax Credits, Abandoned Building Tax Credits and Low-Income Housing Tax Credits, Monarch has fueled transformative projects that are reshaping communities while preserving cultural heritage and driving economic growth.

These tax equity investments have driven $1.75 billion in development, created more than 20,000 jobs, delivered 3,000 affordable homes, and generated over $5 billion in total economic impact. From revitalizing historic textile mills and landmarks to building much-needed affordable housing communities, Monarch’s projects demonstrate the profound role of tax credits in transforming neighborhoods, supporting local economies, and fostering inclusive growth across South Carolina. These transformative achievements would not have been possible without the critical support provided by tax credit programs, which enable innovative solutions to address pressing community needs.

“South Carolina is brimming with opportunities to create meaningful change through strategic investments in tax credit programs,” said George L. Strobel II, Partner, Co-Founder and Co-CEO at Monarch Private Capital. “By partnering with Monarch, investors can achieve financial benefits while revitalizing communities, preserving historic landmarks, and addressing critical housing needs.”

Monarch invites investors to join in driving economic development, preserving history, and supporting affordable housing solutions across South Carolina.

Transformative Projects Across South Carolina

Sample Mill Projects

Other Notable Historic Rehabilitation Projects

Affordable Housing Projects

Over 30 affordable housing projects reflect Monarch’s commitment to addressing housing needs across South Carolina. Notable examples include:

Monarch Private Capital remains dedicated to identifying and investing in opportunities that drive economic development while addressing critical housing and preservation needs. Monarch currently has inventory available, offering a unique opportunity for investors to benefit from tax credit programs while supporting impactful projects. For more information about Monarch Private Capital and its impact investment funds, please contact Jay Sinsley at jsinsley@monarchprivate.com.

About Monarch Private Capital

Monarch Private Capital manages impact investment 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 participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.

ATLANTA (GLOBE NEWSWIRE) – Monarch Private Capital (Monarch), a nationally recognized impact investment firm, is proud to support South Carolina’s rapid economic growth. According to U.S. Census Bureau data, South Carolina’s population grew by 1.7% from July 2022 to July 2023, making it the fastest-growing state in the nation during that period (U.S. Census Bureau, December 2023).

Much of this growth is the result of incentives—some in the form of tax credits. South Carolina has become a far more attractive home to companies and individuals considering a move. The South Carolina Historic Credit, Mill Credit, and Abandoned Building Credit have rejuvenated downtown areas, communities, and economically depressed areas through the revitalization of historically significant buildings, abandoned mills, and factories. Additionally, the Low Income Housing Tax Credit has incentivized the development of affordable homes and workforce housing, making South Carolina appealing to both companies and individuals. 

Monarch is a major investor in these tax credit programs, having invested in 92 projects throughout South Carolina, and is thrilled to see the profound effects these projects are having on the state’s communities.

If you would like to participate in this economic transformation and acquire South Carolina tax credits to reduce your tax liability, please contact Jay Sinsley at Monarch Private Capital at jsinsley@monarchprivate.com.

About Monarch Private Capital

Monarch Private Capital manages impact investment 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 participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.


$24 Million Project to Deliver Affordable Housing for Vulnerable Populations in Goleta, CA

ATLANTA, November 4, 2024 (GLOBE NEWSWIRE) – Monarch Private Capital, a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating federal and state tax credits, is pleased to announce the financial closing of low-income housing tax credit (LIHTC) equity for Patterson Point, a new affordable housing development in Goleta, California. In partnership with the Housing Authority County of Santa Barbara and Redstone, the $24 million development is expected to create much-needed affordable housing opportunities within the community

Located on the east side of North Patterson Avenue, adjacent to the northbound Highway 101 off-ramp, Patterson Point will consist of 24 units aimed at providing safe, stable housing for some of the area’s most vulnerable populations. The project will feature a two-story residential building with an elevator, delivering specialized housing for homeless individuals and those suffering from mental illness. Additionally, Supportive Services will be provided on-site, including mental health counseling, job training, and other essential resources to help residents achieve stability and independence.

Eleven of the units will be designated as Housing for a Healthy California (HHC) units for high-frequency medical users who are currently homeless. These units will include Capitalized Operating Subsidy Reserves (COSR) to ensure that residents only pay up to 30% of their income, calculated based on Area Median Income (AMI). Additionally, another 11 units will be reserved for individuals with mental illness, with priority given to those who are also experiencing homelessness. The remaining unit will be set aside for a low-income individual, with all units priced between 30% and 50% of the AMI.

“We’re honored to be part of the Patterson Point project, which will offer life-changing housing and support services for some of the most at-risk individuals in the Goleta community,” said Brent Barringer, Partner and Managing Director of LIHTC at Monarch Private Capital. “This development highlights our commitment to creating impactful solutions that address homelessness and mental health through affordable housing.”

By addressing critical housing needs in Santa Barbara County, Patterson Point is poised to deliver long-term benefits to the community. The project will not only provide affordable housing but also offer necessary support services to help individuals transition out of homelessness and achieve stability.

About Monarch Private Capital
Monarch Private Capital manages impact investment 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 participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.

$59 Million Redevelopment Will Restore Brooklyn Landmark and Offer Luxury Housing by 2026

ATLANTA (GLOBE NEWSWIRE) – Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating both federal and state tax credits, is pleased to announce the tax equity closing for the historic rehabilitation tax credit (HTC) equity for the $59 million redevelopment of the New York and New Jersey Telephone Exchange Building. Located at 601-619 Throop Avenue, at the corner of MacDonough Street, in the Stuyvesant Heights neighborhood of Brooklyn, this historic landmark will be transformed into 40 luxury apartments with 1,250 sf of commercial space on the ground and basement levels.

The project, led by Rivington Company LLC, will restore the Italian Renaissance Revival building, originally designed by Alexander MacKenzie of Eidlitz & MacKenzie in 1905. The redevelopment will preserve the building’s historical significance while offering modern amenities.

This initiative not only revitalizes a historic landmark but also contributes to the ongoing revival of the Stuyvesant Heights neighborhood. The building’s past includes its role as a telecom hub, facilitating communication for Brooklynites at the turn of the 20th century. Its transformation into luxury apartments marks a new chapter, offering much-needed housing options while preserving its architectural heritage.

“We are proud to partner with Rivington Company in this impactful project,” said Rick Chukas, Partner, Managing Director of Historic Tax Credits for Monarch Private Capital. “This project, our first rehab in Brooklyn, is a great example of how history can be preserved while meeting modern living needs.”

“Rivington Company is proud to announce a successful partnership with Monarch to preserve and convert the historic landmark building located in the heart of Stuyvesant Heights into much-needed housing. This collaborative effort not only honors the rich architectural heritage of the neighborhood but also addresses the pressing demand for multifamily housing in this vibrant neighborhood,” said Travis Stabler, Managing Partner at Rivington Company. “Together, we are not only breathing new life into a historic building but also creating homes that will support the diverse needs of our community.”

For more information on Monarch Private Capital and its impact investment funds, please email Rick Chukas at rchukas@monarchprivate.com.

About Monarch Private Capital
Monarch Private Capital manages impact investment 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 participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.

$25 Million Project to Deliver Affordable Housing and Restore Historic Landmark in Downtown Omaha by 2025

ATLANTA (GLOBE NEWSWIRE) – Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances and manages a diversified portfolio of projects generating both federal and state tax credits, is pleased to announce the closing of tax equity financing for the historic preservation and adaptive reuse of 1904 Farnam, a major redevelopment project located in downtown Omaha, Nebraska. The $25 million development, spearheaded by Clarity Development, will transform the historic building into 54 studio and one-bedroom units, providing much-needed affordable housing for the community. The financing includes Nebraska Low-Income Housing Tax Credits (LIHTCs) as well as State Historic Tax Credits (HTCs), making it a powerful tool for community revitalization.

The 1904 Farnam project will offer affordable housing options to tenants earning 40%, 50%, and 60% of the Area Median Income (AMI). All units will be located in a seven-story, elevator-serviced building with ground-floor commercial space, designed to support the local economy and meet community needs. The development is expected to be completed by the end of 2025.

Originally constructed in 1927 as The Union State Bank building, 1904 Farnam is a significant part of Omaha’s architectural and economic history. The building, which exemplifies early Art Deco design, reflects the spirit of modernity that characterized the 1920s and 1930s. Situated in the heart of Omaha, it has long been a landmark of the city’s growth and development. Of note, the building is located directly across the street from Omaha’s City Hall and the District Courthouse; furthermore, Omaha’s streetcar main route from Downtown to Midtown Omaha will run down Farnam Street.

“Being part of a development that benefits the community in such a meaningful way is a privilege,” said Rick Chukas, Partner and Managing Director of Historic Tax Credits at Monarch Private Capital. “This project not only preserves a piece of Omaha’s history but also addresses the critical need for affordable housing in the downtown area. We are proud to support developments that have a positive impact on communities.”

“The 1904 Farnam project is a great example of how LIHTC financing can be used to create affordable housing in areas that need it most,” said Steve LeClere, Partner, LIHTC at Monarch Private Capital. “With the help of Nebraska LIHTCs, we’re able to transform a historic building into modern, affordable housing while preserving the character and history of Omaha.”

The redevelopment of the Farnam Building continues its legacy as an integral part of the downtown business community, while providing much-needed affordable housing in Omaha. Monarch Private Capital’s involvement underscores its commitment to community impact and sustainable development.

For more information about Monarch Private Capital and its investment initiatives, please visit www.monarchprivate.com.

About Monarch Private Capital

Monarch Private Capital manages impact investment 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 participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.

$29 Million Multifamily Community Coming to Muncie as a Result of Recent Legislation

ATLANTA (GLOBE NEWSWIRE) – Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating both federal and state tax credits, announces the financial closing of its first Indiana Low-Income Housing Tax Credit (LIHTC), Kilgore Place, a multifamily development in Muncie, Indiana. This project was among the first projects to be awarded the newly established State LIHTC by the Indiana Housing and Community Development Authority (IHCDA).

This significant affordable housing investment addresses a critical need in the local community. TWG Development and the City of Muncie worked closely together with the community to identify and address the need for more housing availability, affordability and stability. Located at 2380 W. Kilgore Ave., Kilgore Place will consist of 120 units with one-, two- and three-bedroom options, revitalizing the site of the former End Zone Bar & Grill, which was destroyed in a fire in 2022. Situated near many great local amenities, the development will bring new, high-quality, attainable housing to the Muncie area.

We are excited to partner with TWG on our first Indiana State LIHTC project. The Kilgore Place apartments will help to address the shortage of quality attainable housing in Muncie and provide a community residents can be proud to call home.

Steve LeClere, Partner, LIHTC at Monarch Private Capital

Amenities include on-site property management, playground, dog park, fitness center, community room with activities, ample bike storage, community garden beds, free in-unit Wi-Fi, and CORES–certified resident services that promote professional development and personal growth.

 

In November 2023, Kilgore Place was awarded IHCDA’s new competitive State Tax Credits. Just seven months later, Kilgore Place successfully closed and became the first development in Indiana to break ground utilizing the new State Tax Credit program. This achievement is a testament to the teamwork, tenacity, and innovation that drive these projects. Monarch exemplifies these values, and we appreciate the opportunity to partner with them to build quality housing in our communities.

Joel Henney, Vice President of Finance at TWG

Monarch Private Capital specializes in financing projects that generate positive community impact and sustainable returns. Kilgore Place exemplifies this mission by addressing the growing need for affordable housing while contributing to the economic vitality of Muncie.

Construction of Kilgore Place is underway and is expected to be completed in 2026.

For more information on Monarch’s affordable housing tax equity investments, please contact Steve LeClere by emailing sleclere@monarchprivate.com. 

About Monarch Private Capital

Monarch Private Capital manages impact investment 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 participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.

 

Contact us for more information about impact investing, federal and state tax credits.