Monarch Private Capital Finances New Affordable Housing Development in South Carolina
The new apartment community creates opportunity and supports the city of Central’s continued growth
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 $40 million affordable housing development called Gateway at Cross Creek in Central, South Carolina.
The Gateway at Cross Creek apartment community is located on the south side of Cross Creek Road in Pickens County, Central, South Carolina. The new development will consist of seven three-story residential buildings containing 168 affordable housing units with one, two, and three-bedroom floorplans available to households earning at or below 60 percent of the Area Median Income (AMI). The new development will feature a community room, business center, exercise facility, car wash, playground and tennis court. Monarch partnered with Gateway Development Corporation to complete the project, which is expected to be available for rent in 2023.
“This development is a huge source of pride for our team,” said Josh Mandell, President of The Gateway Companies. “We received consistent support from officials with the City of Central, who repeatedly expressed the need for quality-built, affordable housing in the area. Moreover, various officials with the State praised Cross Creek for being one of the first 4% bond/state credit-financed developments to serve a non-metro/non-coastal market.”
Central, South Carolina, is a small railway town incorporated in the 1870s when the Atlantic and Richmond Air Line (later the Southern Railroad) laid a track through Pickens County midway between Atlanta, Georgia and Charlotte, North Carolina. Soon after, it became a depot for repair shops and fueling stations, which they gave the fitting name of “Central Station.” Today, the town is still rich in history, with many of its historic areas and buildings preserved and listed on the National Register of Historic Places. Residents enjoy a wide range of activities, from spending time at local parks to visiting the locally owned shops and restaurants lining its historic Main Street. Central is home to Southern Wesleyan University, and Clemson University and Tri-County Technical College are also nearby.
In addition to addressing the region’s critical shortage of affordable housing units, the Gateway at Cross Creek development will have a significant impact on the local economy. Based on estimations from a National Association of Home Builders (NAHB) report, the project is expected to create approximately 270 jobs and generate nearly $20 million in local income in the first year alone.
“As the first sizeable affordable housing development in the region in over a decade, we are especially excited to bring the Gateway at Cross Creek apartments to the Central community,” said Brent Barringer, Partner & Managing Director of LIHTC at Monarch. “Our collaboration with Gateway Development Corporation and the support of local officials will help improve the lives of Central residents and promote the ongoing growth and development of the City.”
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 Gateway Development Corporation
For nearly 40 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.
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