Monarch Private Capital (MPC), a nationally recognized tax-advantaged investment firm that develops, finances, and manages a diversified portfolio of projects that generate federal and state tax credits, including ESG investment opportunities that provide a quantifiable impact, is pleased to announce the financial closing of low-income housing tax credit equity (LIHTC) for a 48-million-dollar senior living development called Preserve at Peachtree Shoals in Dacula, Georgia.

Preserve at Peachtree Shoals is located at 2995 Old Peachtree Road in Dacula, Georgia. This new development will consist of 240 apartment units for seniors 55 and older and will have an affordable rent structure for households earning 30 to 80 percent of the area median income (AMI). The development comprised of one, two and three-bedroom units, is expected to be available to rent in the first quarter of 2022. To complete the project, MPC partnered with Dominium, the nation’s fourth-largest provider of affordable housing, and Searles Foundation, a non-profit organization that provides gracious living services to elderly and disabled residents.

“Preserve at Peachtree Shoals will be an excellent and much-needed addition to the Dacula area. It will provide seniors with beautiful housing that is affordable,” said Mark Sween, Vice President & Project Partner of Dominium. “We are excited to begin construction and to work again with our state housing tax credit partner, Monarch Private Capital.”

Dacula, Georgia is part of Gwinnett County, which has been a titan of social and economic progress for decades. Dacula has its own unique factors, however, that make it a great candidate for revitalization. Dacula is at the center of Georgia’s Innovation Crescent. Covering nearly 40 percent of Georgia’s population, the Innovation Crescent is the state’s hub for life sciences but is quickly becoming that of the entire Southeast. The crescent includes top research organizations such as Emory University, Georgia Institute of Technology, the University of Georgia, the CDC, Georgia Gwinnett College and Gwinnett Tech. In addition, the hub hosts a wide range of scientific companies, large and small, bringing in a variety of people and revenue to the community.

“This new affordable senior living development will help strengthen the Dacula area by providing residents with quality homes, enriching programs and services, and greater access to the unique variety of resources located throughout the city,” said David Searles Jr., CFO of the Searles Foundation. “We recognize the importance of the happiness and well-being of our senior residents and stay committed to fostering a friendly and valuable community for all.”

The development of Preserve at Peachtree Shoals will not only address the need for affordable, senior living opportunities in the area, but it will also have a major positive impact on the local economy. In just the initial year, the project is expected to create over 300 direct and indirect jobs and generate over $20 million in local tax revenue. The project will continue to benefit the area in the years to follow, paving the way for a lively and prosperous community for all.  

“By building clean, well-constructed apartment units in an area that lacks adequate senior living facilities, we will help accelerate the growth of the community while also filling a significant housing void,” said Steve LeClere, Director of LIHTC Development at MPC. “We appreciate our collaboration with Dominium, who’s leadership and expertise will help make this project a reality.”

For more information on MPC’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 Dominium

Dominium is an affordable housing development and management company headquartered in Plymouth, Minnesota.

The firm has developed more than 30,000 apartments in 22 states and is the nation’s 4th largest provider of affordable housing.  Dominium has 45+ years in the business and owns over $3 billion in properties.  Dominium employs a professional staff of more than 1,000 employees.

About Beverly J. Searles Foundation

Founded in 2007 by Richard and David Searles, The Beverly J. Searles Foundation is a not for profit organization that provides gracious living services to elderly and disabled residents of affordable housing and other residential communities. Their goal is to enhance the quality of life for their residents by encouraging independence and choices, while celebrating individuality, preserving dignity, privacy and nurturing the spirit.

The Searles Foundation is also a developer and owner of multi-family housing in the affordable and market-rate area, providing quality housing, excellent resident services with high standards, extraordinary experiences and a holistic approach to health and wellness. The foundation has planned, developed and/or operated about 2,000 new housing units, including 11 assisted living communities with 821 assisted living and memory care units. In early 2020, The Searles Foundation and its partners have $148 million under construction, representing 686 age-restricted apartments at five Georgia locations all using Housing Tax Credits.

Monarch Private Capital (MPC), a nationally recognized tax-advantaged investment firm that develops, finances, and manages a diversified portfolio of projects that generate federal and state tax credits, including ESG investment opportunities that provide a quantifiable impact, is pleased to announce the financial closing of low-income housing tax credit equity (LIHTC) for a 13-million-dollar multi-family development called Abbington on Cheshire Bridge in Atlanta, Georgia.

MPC partnered with Rea Ventures Group (RVG), the developer for the property, which is located at 2070 Cheshire Bridge. RVG specializes in the development and long-term ownership of affordable and market-rate communities in the Southeast. Their communities are environmentally responsible, designed, and built with energy and water-efficient materials and systems, which are all part of their green building initiative.

Expected to be complete by the fourth quarter of 2021, plans include a 48-unit mixed-income rental community that will include 40 LIHTC units reserved for households earning at or below 50 percent and 60 percent of the Area Median Income (AMI) and eight unrestricted market-rate units. The development offers one, two, and three-bedroom units for a variety of household types ranging from singles to families. Community amenities include a community room, enlarged fitness center with instructional space, laundry facility, computer center, covered porch, fenced community garden with a 400 square foot planting area, and a health screening facility.

Abbington on Cheshire Bridge is in a prime location, positioned just four miles northeast of Downtown Atlanta and convenient to the Interstate 85/GA 400 interchange. Since the 2000s, the community has undergone various gentrification methods and hosts urban redevelopment projects. The area is vibrant and full of activity with commercial, residential and light industrial developments located throughout. Public transportation options are also easily accessible within one or two miles of the property.

“We’re excited about The Abbington on Cheshire Bridge and the promising potential it has to add to the ongoing revitalization of the area,” said Brent Barringer, Managing Director of LIHTC for MPC. “We look forward to working with Rea Ventures Group on this project and commend their excellent leadership and hard work on creating quality homes that create enduring communities that last for generations.”

In addition to this significant capital investment in Atlanta, Abbington on Cheshire Bridge will have a substantial employment impact on the community. The project should generate about 60 direct construction jobs and will act as a catalyst for the economic development of the area.

“Our company’s goal is not only to supply great housing solutions, but we also want our developments to provide lasting value for generations,” said Bill Rea, founding member and managing partner of Rea Ventures Group. “We believe that The Abbington on Cheshire Bridge will serve as a great foundation for the continued growth of the community.”

“We understand that quality, affordable housing acts as the cornerstone to a successful local economy in any community,” said Eric Buffenbarger, CFO, Vice President, and Treasurer of Bill Rea’s development and ownership companies. “The Abbington on Cheshire Bridge will help propel the area forward in a variety of ways, including job creation, new tax revenues, and an increased purchasing power due to lowered housing costs.”

For more information on MPC’s programs and services, please contact Brent Barringer by emailing bbarringer@monarchprivate.com.

About Monarch Private Capital

Monarch Private Capital positively impacts communities by investing in tax credit supported industries. The company is a nationally recognized tax equity investor providing innovative capital solutions for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch has long term relationships with institutional and individual investors, developers, and lenders that participate in these types of federal and state programs. Investors look to Monarch to create, operate, and manage a variety of different funds, including investment opportunities that address ESG initiatives that provide a quantifiable impact. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.

As the largest source of new affordable housing in the United States, the low-income housing tax credit (LIHTC) program is one of the federal government’s primary policy tools for encouraging the development of affordable rental housing. According to the National Multifamily Housing Council, the LIHTC program has supported 3.4 million jobs while generating $323 billion in local income and $127 billion in Federal, state and local tax revenues. Tranquility at Griffin, an affordable housing tax equity investment of Monarch Private Capital, is a great example of the LIHTC program hard at work.

Located in Griffin Georgia, Tranquility at Griffin provides new resources and opportunities for the community. This new $20 million development is a 120-unit family apartment complex with rents structured to be affordable for households earning at or below 60% of the average median income (AMI). Consisting of 5 three-story tenant buildings with floorplans ranging from 1-3 bedrooms, Tranquility at Griffin has many features, services and amenities perfect for families, including a pool, dog park, playground, tot-lot, covered picnic pavilion, exercise room, on-site laundry and a community building. By providing quality housing as well as family-friendly amenities, this new development sparks the growth and revitalization of the area.

Tranquility at Griffin will help relieve some of the financial stress so prevalent in the area by filling a 15+ year void of new affordable housing in Griffin. Access to affordable housing is not only imperative to a good quality of life, but also to healthy development. According to the National Center for Children in Poverty (NCCP), 15 million children – 21 percent of all children in the United States – live in families with incomes below the federal poverty level. Poor housing conditions can have a serious negative impact on a child’s performance in school and it can also lead to poor health conditions. These health issues include worsening asthma and allergies, which can be linked to things like pests, molds and chronic dampness. Lead exposure and an increased risk of accidents or injuries from exposed wiring and other needed repairs are also major detrimental factors to healthy development.

Tranquility at Griffin provides safe, clean and quality housing to the Griffin community. Children that were facing these challenges brought on by their living situations now have brighter futures ahead of them. The playground is a safe and fun environment where they can socialize and play. Their homes can now be a source of comfort and security, which is imperative to healthy development. Best of all, their community can be a place of opportunity. This new development helps stimulate the local economy by increasing local purchasing power and bringing in new jobs and tax revenues.

Affordable housing allows families to put more toward other important household needs and savings for the future. When households can pay less on rent, more can be spent on essentials like food and clothing or even things like extra-curriculars and educational programs for children that many may not even realize is a privilege. Tranquility at Griffin is just a small drop in the bucket when addressing the United States housing crisis, but it will change the lives of those in the Griffin community for the better. At Tranquility at Griffin, families can spend more time together and less time worrying about bills.

About the Developers

Hill Tide Partners was founded as a real estate investment company that provides growth capital and investment services to its partners. The firm leverages the partners’ combined experience of more than 35 years in the Real Estate and Low-Income Housing Tax Credit (LIHTC) industry to develop synergies across its partner operating companies. The founders believe that everyone deserves affordable housing and strive to have a positive impact on communities through housing development. With $577 million in total development costs, Hill Tide and its partners have developed 45 properties in seven states consisting of over 4,500 units.

Formed in 2017 by Todd Wind and Brian Waterfield, Timshel Development Group (“Timshel”) serves families and seniors in Florida and Georgia who live on moderate or fixed incomes. Todd and Brian are able to leverage their extensive knowledge of LIHTC, Tax-Exempt Bonds, and other grants and subsidies from federal, state, and local municipalities to secure financing for projects and to provide safe, secure, and affordable housing to the tenants they serve. Todd and Brian have a combined 20 years of affordable housing experience.

Gateway Development Corporation is part of The Gateway Companies and was formed for the purpose of developing and constructing multi-family apartment properties throughout the Southeastern United States. For over 30 years, Gateway has developed, owned and operated affordable, workforce, conventional and senior multifamily housing communities throughout the Southeast United States. Since formation, The Gateway Companies have developed more than 100 properties with over 7,000 housing units, across six states.

CRN Development, LLC is engaged in the business of investing in, owning, selling, developing, maintaining, managing, and operating real estate properties and developments. The company seeks opportunities to develop affordable and conventional multifamily projects to produce income and tax benefits. The company locates the property to be developed, coordinates with city and state officials and is responsible for submitting applications for financing for the projects, as well as finding partners and syndicators for the projects.

The South Carolina Legislature has passed House Bill 3998, the Workforce and Senior Affordable Housing Act, creating a state tax credit for qualified affordable housing developments.

The South Carolina State Housing Finance and Development Authority sees this as a significant step toward addressing the affordable housing crisis in South Carolina and providing safe, decent and affordable housing for all South Carolinians. Housing will begin allocating this tax credit in the 2020 application cycle.

Our mission is to create quality affordable housing opportunities for citizens of South Carolina.  

The Housing Tax Credit Program (LIHTC) is designed to provide for-profit and nonprofit developers with an incentive to create and maintain affordable housing. This is the country’s most extensive affordable housing program.

Our mission is to create quality affordable housing opportunities for citizens of South Carolina.  

The Housing Tax Credit Program (LIHTC) is designed to provide for-profit and nonprofit developers with an incentive to create and maintain affordable housing. This is the country’s most extensive affordable housing program.

Owners of and investors in qualifying developments can use the credit as a dollar-for-dollar reduction of federal income tax liability. Allocations of credits are used to leverage public, private and other funds in order to keep rents to tenants affordable.

SC Housing

Monarch Private Capital (MPC), a nationally recognized tax-advantaged investment firm that develops, finances, and manages a diversified portfolio of projects that generate federal and state tax credits, including ESG investment opportunities that provide a quantifiable impact, is pleased to announce the financial closing of low-income housing tax credit equity (LIHTC) for a 3.8-million-dollar multi-family development called Americus Gardens located in Americus, Georgia.

Americus Gardens is conveniently located off US-19 at 730 S Martin Luther King Boulevard in the commercial part of town in Sumpter county. Residents will have quick and easy access to essentials like restaurants, grocery stores, and automotive care. The development contains 44 low-income housing units with one one-story apartment building, five two-story apartment buildings, and a one-story accessory building with brick exteriors. MPC partnered with Gateway Development Corporation to complete the project, which will be placed in service this year.

Along with this major capital investment in Americus, the LIHTC project is estimated to drive approximately 50 direct construction jobs. Not only does this boost the community’s local income and local tax revenues, but it helps advance an area that may have otherwise been neglected.

“Americus Gardens will have a very positive effect on the community,” said Brent Barringer, Managing Director of LIHTC for MPC. “Providing quality homes in a central location will give residents access to better jobs and help them cut down on the costs of transportation. We appreciate the leadership of Gateway Development Corporation to bring this project to fruition and couldn’t be more pleased with the outcome of our investment.”

“Our mission at Gateway is to provide a gateway to affordable housing for working Americans,” said Jason Freeman, President at Gateway Development Corporation. “Having a safe, clean and quality environment is imperative to healthy development, and we are committed to providing these crucial homes to communities like Americus, Georgia.”

For more information on MPC’s programs and services, please contact Brent Barringer by emailing bbarringer@monarchprivate.com.

About Monarch Private Capital

Monarch Private Capital positively impacts communities by investing in tax credit supported industries. The company is a nationally recognized tax equity investor providing innovative capital solutions for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch has long term relationships with institutional and individual investors, developers, and lenders that participate in these types of federal and state programs. Investors look to Monarch to create, operate, and manage a variety of different funds, including investment opportunities that address ESG initiatives that provide a quantifiable impact. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.

As COVID-19 continues to affect our every-day life, this “new normal” for many of us means being at home with our children 24/7. As many search for new ways to entertain safely or keep productive, Walton Communities, an affordable housing tax equity investment of Monarch Private Capital, launched their Family Staycation program to offer families fun activities they can do together at home.

The best part? The activities don’t revolve around a television or computer screen!

Walton Communities partnered with Mission 1:27, who designed these activities to bring joy and encouragement to Walton residents and families. Parents can visit the Walton Communities’ Single Parents Facebook page to access their Family Staycation activity sheet. Each sheet has a new, exciting theme like “Walton’s got Talent” or “Fairy Tale Day,” and they’re all filled with creative ideas.

Every sheet includes:   

With their Family Staycation program, Walton Communities is giving families the opportunity to switch the TV off for a moment, put the video games down, and spend some valuable time together. Family activities like these can help provide a sense of stability and hope during uncertain times, not only for children but parents too. Tell a new joke, make a new craft or dig a little deeper with an inspirational story. Use these activities to bring some lighthearted enjoyment back into your home.

To access Walton Communities’ Family Staycation activity sheets, please visit the Walton Communities Single Parents Facebook Page. For a chance to be featured on the Mission 1:27 Instagram page, tag your photos with #WaltonStaysHome.

ABOUT WALTON COMMUNITIES

Walton Communities is a privately held company based in Marietta, Georgia, that develops, owns and manages apartment communities throughout metro-Atlanta, Augusta, and Gainesville. In 1989, Lynda Ausburn and Barry Teague transformed their vision into a reality with the first Walton community. The pair had a passion to provide more than just a place for residents to live. They had a passion to serve the community by providing homes and neighborhoods where people would truly thrive. Since that time, Walton Communities has grown to 29 communities in the Atlanta, Augusta and Gainesville areas and remains locally owned and managed by the team of Barry Teague, Lynda Ausburn, David Knight, Keith Davidson and Tom Wilkes.

At Walton Communities, their goal is to provide a superior living experience. The company is committed to supporting the needs of residents through exceptionally maintained communities and unique service programs, including educational, cultural and recreational programs.

For more information on Walton Communities, please visit their website.

ABOUT MISSION 1:27

Mission 1:27 is about transforming lives.  Some of their activities include operating after school enrichment and summer camp programs, youth development programs, single parent programs, and programming for senior adults in Walton Communities affordable housing neighborhoods

For more information on Mission 1:27, please visit their website.

ATLANTA, July 1, 2019 — Monarch Private Capital (MPC), a nationally recognized tax-advantaged investment firm that develops, finances, and manages a diversified portfolio of projects that generate federal and state tax credits, is pleased to announce the financial closing of low-income housing tax credit equity (LIHTC) for a 20-million-dollar multi-family development called Harmony at Covington Apartments.

Covington is the county seat of Newton County, which has a population of approximately 110,000.  The current vacancy rate for affordable, elderly targeted multifamily housing in Newton County is below 1%.  As the 55+ age population in Newton County is projected to grow by over 3% in coming years, lack of housing for this resident group should become an even greater issue[1].

In addition to this significant capital investment in Covington, this development will have a major employment impact on the area. The project should generate over 150 direct construction jobs and employ over 500 individuals indirectly[2].

This new development is located at the corner of Covington Bypass and GA 36 Highway, two miles south of downtown Covington, Georgia and will supply 122 affordable rental housing units for low-income senior tenants. MPC has partnered with veteran teams at Hill Tide Development, Timshel Development, Gateway Development Corporation, and CRN Development to develop the project, which expects to be placed in service by early in the fourth quarter of 2020.

“Our investment in Harmony at Covington Apartments is another example of the benefits of the LIHTC program,” said Brent Barringer, Managing Director of LIHTC for MPC. “We commend the collaboration of our partners and appreciate the leadership of Bob Long and Dan Winters of Hill Tide Development, Todd Wind and Brian Waterfield of Timshel Development, Jason Freeman and Allan Rappuhn of Gateway Development Corporation, and Tommy Ward of CRN Development for delivering superior affordable housing that will positively impact the Covington community.”

For more information on MPC’s programs and services, please contact Brent Barringer by emailing bbarringer@monarchprivate.com.

About Monarch Private Capital

Monarch Private Capital positively impacts communities by investing in tax credit supported industries. The company is a nationally recognized tax equity investor providing innovative capital solutions for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects.  Monarch 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.

[1] Source: Koontz and Salinger Real Estate Market Research

[2] Source: Novogradac and U.S. Bureau of Labor and Statistics

A rendering of the new Badger State Lofts in Sheboygan, Wisconsin. The development is a conversion of historic tannery complex into a mixed-use and mixed-income residential community in downtown made possible by tax credits.

Monarch Private Capital (MPC), a nationally recognized tax-advantaged investment firm that develops, finances, and manages a diversified portfolio of projects that generate federal and state tax credits, is pleased to announce the financial closing of low-income housing tax credit equity (LIHTC) for a 28 million-dollar mixed-use residential development called Badger State Lofts. MPC has partnered with Indiana-based KCG Companies to develop the project, which expects to be placed in service in the spring of 2020.

Badger State Lofts is the conversion of a historic tannery complex into a mixed-use and mixed-income residential community in downtown Sheboygan, Wisconsin. Once completed, the project will provide 149 apartment units, interior garage and surface parking, 9,000 square feet of commercial space and expansive community and amenity areas. The units will have a “loft” style aesthetic in an effort to maintain the historic feel of the building’s previous uses throughout its 130-year history.

The project is a focal point in the effort to revitalize the southern portion of downtown Sheboygan and will serve as the foundation for future development and implementation of the master plan for Sheboygan Economic Development Corporation’s thriving live-work-play Innovation District.

“Our investment in Badger State Lofts is another illustration of the benefits of the LIHTC program,” said Brent Barringer, Managing Director of LIHTC for MPC. “We appreciate the collaboration KCG Companies, and in particular, the leadership of Matthew Gilhooly for delivering superior affordable housing that will positively impact the Sheboygan community.”

“KCG was formed with a single purpose,” said KCG’s President RJ Pasquesi, “to build vibrant communities that offer all residents an enhanced quality of life and a proud place to call home. We strive to advance and redefine the standards for superior-quality sustainable communities and feel that Badger State Lofts has more than accomplished this goal. As the Innovation District grows, KCG will take pride knowing that this development is acting as a foundational catalyst to facilitate innovation, entrepreneurship, employment and education in the community.

For more information on MPC’s programs and services, please contact Brent Barringer by emailing bbarringer@monarchprivate.com or calling (334) 663-4523. For more information on Badger State Lofts please contact Matthew Gilhooly by emailing matt.gilhooly@kcgcompanies.com or call (317) 708-6519.

About Monarch Private Capital

Monarch Private Capital positively impacts communities by investing in tax credit supported industries. The company is a nationally recognized tax equity investor providing innovative capital solutions for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects.  Monarch 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.

ATLANTA — Monarch Private Capital (MPC), a nationally recognized tax-advantaged investment firm that develops, finances, and manages a diversified portfolio of projects that generate federal and state tax credits, is pleased to announce that Brent Barringer has been appointed to the National Housing & Rehabilitation Association’s (NH&RA) Board of Directors. A nominating committee comprised of association executive officers selected Brent for his commitment and leadership in the affordable housing industry.

“Brent has been involved with our association and the LIHTC industry for many years and we’re thrilled to have him on our Board,” said Thom Amdur, President of NH&RA. “Brent brings a wealth of business knowledge and affordable housing experience to the NH&RA Board.”

Barringer has over fifteen years of experience in construction, real estate development, low income housing, and new market tax credits. As Managing Director of LIHTC for Monarch Private Capital, he is responsible for the strategy and management of the Company’s affordable housing development investments, transaction financial structures, and their execution. Prior to joining MPC, Barringer was a partner at Tidwell Group where he managed and consulted on real estate, low income housing tax credits, HUD assisted projects, and USDA and Rural Development projects.

“I am proud to be involved with such an exceptional group of industry leaders who are focused on creating quality homes to meet the needs of those working hard but still grappling to pay the rent,” said Brent Barringer, Managing Director of LIHTC for Monarch Private Capital.  “NH&RA is a premier national affordable housing organization, bringing together every sector that finances, builds, and manages housing for low to moderate-income families and seniors.”

About Monarch Private Capital

Monarch Private Capital positively impacts communities by investing in tax credit supported industries. The company is a nationally recognized tax equity investor providing innovative capital solutions for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects.  Monarch 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.

Contact us for more information about ESG Investing, state and federal tax credits.