Monarch Private Capital Finances New Affordable Housing Development for Seniors in South Carolina
The development will provide quality homes to seniors while addressing the state’s critical need for affordable housing
Monarch Private Capital, a nationally recognized ESG 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 (LIHTC) equity for a $30 million affordable housing development called Redemption Towers in Summerville, South Carolina.
The Redemption Towers apartment development is located at 300 Springview Lane in Summerville, South Carolina. In a state currently experiencing a severe shortage of over 82,000 affordable and available rental homes for extremely low-income renters, this project will help satisfy some of the area’s critical housing needs. The Redemption Towers project involves the rehabilitation of an existing 96-unit Section 8 rental home community, which will be made available to seniors ages 62 and up earning at or below 60 percent of the Area Median Income (AMI). All units consist of one bedroom and one bathroom and will continue to benefit from Project-Based Rental Assistance (PBRA) through the Section 8 program. To develop the project, Monarch partnered with Mansermar Development LLC, a consulting company aiding nonprofit organizations in the development and management of affordable multifamily housing, working closely with the Georgia-based nonprofit public benefit corporation, ReBuild America Inc. Monarch’s collaboration with Red Stone Equity Partners, a nationally recognized private equity real estate fund manager specializing in affordable housing investment management, will help bring the project to fruition.
Renovations to the existing development will include upgraded kitchens and bathrooms, energy-efficient stainless appliances from ENERGY STAR, new flooring and enhanced lighting and security features. Roof and window replacements will also be made during the rehabilitation, along with plumbing upgrades and parking lot resurfacing. A new common room and fitness center will help round out the affordable housing development, transforming the property into a vibrant, resourceful community for seniors.
Summerville, South Carolina, also known as the “Birthplace of Sweet Tea,” is located in the heart of the Lowcountry. With so much to offer residents and tourists alike, the city created the “Sweet Tea Trail,” an interactive visitor’s guide to everything Summerville. Included on the trail are a number of sites listed on the National Register of Historic Places, including the Colonial Dorchester, where visitors can stand under the remains of the St. George Anglican Church bell tower. Locally owned restaurants and shops line the charming streets of downtown Summerville, along with the city’s farmers market, a salon and spa and an art gallery featuring local, national and international works. The Jessen Boat Landing boat club is another popular spot offering a public boat landing and fishing pier, a walking trail and a boardwalk area overlooking the picturesque Ashley River, whose path contains 26 separate sites also listed on the National Register of Historic Places. Masters of golf have access to three courses in the city, including Legend Oaks, one of the Top Three Lowcountry Golf Courses, and nature lovers can enjoy birdwatching, camping and walking the trails of Summerville’s beautiful parks.
On top of addressing the city’s need for affordable housing, the redevelopment of Redemption Towers 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 nearly 800 direct and indirect jobs and generate over $9 million in local tax revenue over its lifetime. These benefits will continue to positively impact the Summerville community in the many years to follow.
“The Redemption Towers development in Summerville, South Carolina, will do just what the name implies – redeem the area and help rescue the city from its critical lack of affordable housing,” said Brent Barringer, Managing Director of LIHTC at Monarch Private Capital. “We appreciate our collaboration with Mansermar Development, whose leadership and expertise will help fill the city’s damaging void in affordable homes, enabling it to advance and prosper.
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 professionals located throughout the U.S.
About Mansermar Development, LLC
Mansermar Development, LLC was founded in 1998 as a consulting company to aid nonprofit organizations in the development and management of affordable multifamily housing. Cissy C. Watson is the CEO of the company and drives the development of new construction and the preservation of affordable housing communities, with a special expertise in senior citizens. The firm partners with owners and takes responsibility for the development services of new construction properties, acquisition and rehabilitation properties, as well as the refinancing of existing communities. Since 2012, Mansermar Development has focused on utilizing LIHTC for acquisition-rehabilitation developments. They have completed five developments totaling 754 units.
About Red Stone Equity Partners
Red Stone Equity Partners LLC (“Red Stone Equity”) is a leading real estate investment firm specializing in the syndication of Low-Income Housing Tax Credits and Renewable Energy Tax Credits to facilitate the development of affordable multifamily rental housing and renewable energy projects, respectively. Red Stone Equity builds upon long-lasting relationships with investors and developers as it acquires, structures, and provides long-term asset management services to its institutional clients. Its senior management represents more than a combined 100 years of tax credit equity syndication experience, involving the acquisition and syndication of approximately $15 billion of tax credit equity. Since inception, Red Stone Equity has raised over $6.5 billion of tax credit equity. These funds have been used to finance the construction and/or rehabilitation of more than 45,000 units of affordable housing in 44 states, Washington, D.C. and Puerto Rico. Red Stone Equity has offices in Boston, Charlotte, Chicago, Cleveland, New York, and San Diego.
About ReBuild America Inc.
ReBuild America, Inc., a Georgia-based Non-Profit Public Benefit Corporation, was organized in 2012. While closely working with an experienced affordable housing developer, Mansermar Development, LLC., and an award-winning and nationally recognized management agent, Mansermar, Inc., ReBuild is committed to acquiring and developing affordable housing for the long-term.
With a special interest in housing for senior citizens, ReBuild completed the preservation of a 101-unit senior housing community in Arcadia, CA in 2014 and another 101-unit senior housing community in Phoenix, AZ in 2018. ReBuild America added another 467 units through the acquisition and rehab of three more properties in 2018-2019 in Florida and Tennessee. Other properties are currently in development in South Carolina, Kentucky and Georgia.
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