Monarch Private Capital Finances New Affordable Housing Development in South Carolina
The new multifamily community adds quality homes, jobs and income to the Columbia area
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 an $11 million affordable housing development called The Pointe at Elmwood in Columbia, South Carolina.
The Pointe at Elmwood is located at 2325 Elmwood Avenue in Columbia, South Carolina. The multifamily apartment community will offer 58 newly constructed rental units to households earning at or below 60 percent of the Area Median Income (AMI). Floorplans feature two-bedroom/two-bathroom units, complete with fully equipped kitchens, including dishwashers and garbage disposals. Residents will also have access to shared amenities such as a community room with computers, laundry facility and playground. To complete the project, Monarch partnered with Prestwick Companies, a fully integrated development, construction and investment company that specializes in multifamily housing.
“The Pointe at Elmwood fulfills our mission by providing high-quality, affordable housing in a community with enormous need for more housing. We are grateful to our partners at South Carolina Housing, the City of Columbia, and Monarch for helping us deliver this community, “ said Jody Tucker, CEO and Founding Partner at Prestwick Companies.
From historic sites dating back centuries to a recently revitalized downtown, South Carolina’s capital city of Columbia uniquely pairs tradition with contemporary. Residents and visitors alike can discover the fascinating history of South Carolina at the South Carolina State Museum, the largest museum in the Southeast, or explore the natural world at one of the nation’s prettiest zoos, Riverbanks Zoo & Garden. Brimming with local talent, Columbia features a number of food districts boasting tasty hometown flavors and plenty of unique shopping options sure to offer something special. Outdoor activities like camping, fishing, boating and much more are widely enjoyed at the Congaree National Park as well as Lake Murray, considered to be a fisherman’s paradise because of the region’s temperate climate.
In addition to addressing the state’s need for more affordable housing, The Pointe at Elmwood development will 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 500 direct and indirect jobs and generate over $5.6 million in local tax revenue over its lifetime. These benefits will continue to positively impact the Columbia community in the many years to follow.
“The Pointe at Elmwood development will help satisfy some of South Carolina’s critical demand for more affordable housing opportunities,” said Brent Barringer, Partner & Managing Director of LIHTC at Monarch Private Capital. “Our partnership with Prestwick will enable Monarch to provide hardworking local families with clean, quality homes and valuable resources.”
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 Prestwick Companies
Based in Atlanta, GA, Prestwick Development has been creating communities that inspire and serve residents and neighborhoods. Established in 2008, Prestwick’s exceptional reputation is the result of its vision for new urbanist ideas and high-profile developments that are changing the face of urban and suburban landscapes throughout the South. The Company is led by an experienced team with a diverse background in development, construction, city government and community outreach.
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