Monarch Private Capital Finances Needed Affordable Housing Development in Nebraska
The new development addresses high demand for quality affordable housing to support growth in the Lexington area
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 an $8.8 million affordable housing development called Rolling Meadows in Lexington, Nebraska.
The Rolling Meadows apartments are located at 700 Taft Street in Lexington, Nebraska, consisting of 50 three-bedroom affordable housing units arranged across 25 duplexes. The new community directly supports Lexington’s 2020 Development Action Plan designed to increase the number of housing units in the city and stimulate economic development, among other community growth initiatives. The affordable development will vary in color scheme and elevation of homes to make them stand out and feel more unique than other developments. Each unit will have three bedrooms, two full bathrooms, a single car garage, a front porch and a fully equipped kitchen featuring high energy-efficient HVAC appliances. Residents can also enjoy a playground and a central clubhouse for community events. Monarch partnered with Prairie Fire Development Group, a full-service real estate development company focusing on affordable and market-rate multifamily assets, to complete the project expected to be available for rent in the fourth quarter of 2021.
Positioned on the Platte River, Lexington, Nebraska, offers natural beauty and unique attractions to both residents and visitors alike. One can hike the picturesque trails around Johnson Lake or take the boat out for some exciting water sports. The Dawson County Historical Museum and the Heartland Museum of Military Vehicles take patrons back in time to learn the city’s history, and locals can look forward to the annual festivities of the Dawson County Fair and the Plum Creek Rodeo. Lexington’s scenic landscape and vast array of activities attract all types of people from all around the country.
“This development brings much-needed workforce housing to city with a booming job market. Fortunately, we are working in a great city that understands the critical importance of investing in housing and helped make this possible by developing the infrastructure for this project,” said Jared Nook, Owner Representative at Prairie Fire Development Group. “Rolling Meadows provides a high-quality housing option to cost-burdened families, opening new doors with its valuable resources and fostering a stronger community through its unique design and inclusive amenities.”
Along with addressing the city’s need for affordable housing, the development of Rolling Meadows will also have a significant impact on the local economy. Based on estimations from a 2015 report from the National Association of Home Builders (NAHB), the project is expected to create over 400 direct and indirect jobs and generate approximately $5 million in local tax revenue over its lifetime. These benefits will continue in the years to follow, providing a lasting positive impact on the Lexington community.
“The new Rolling Meadows development will help satisfy some of the critical demand for new, affordable housing opportunities in Lexington, Nebraska,” said Brent Barringer, Managing Director of LIHTC at Monarch Private Capital. “Our partnership with Prairie Fire Development Group will enable Monarch to create clean, quality homes for local families who may be struggling to make ends meet while also spurring significant economic growth within the area.”
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 Prairie Fire Development Group
Prairie Fire Development Group has developed 16 other LIHTC apartment communities over the past 8 -years, primarily in KS and MO. Prairie Fire is a full-service real estate development company focusing on affordable and market rate multifamily assets. Prairie Fire manages the lifecycle of a real estate project, from identification and conception, through development and ongoing property management. The Prairie Fire team has a diverse team of real estate professionals with experience ranging from urban planning, architecture, accounting, market analysis, and construction.
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