Rehabilitation of Lubbock landmark brings more residences to the downtown area.
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 historic tax credit equity to rehabilitate the historic NTS Tower in Lubbock, Texas.
NTS Tower is a landmark building on the Lubbock skyline. Originally built in 1955, it is the tallest structure in Lubbock at 274 feet. The building was damaged by a tornado in 1970 and restored and stabilized five years later. However, more than half the space has been inhabitable.
MRE Capital, LLC is now renovating the NTS Tower into a 22 million-dollar multi-family development called Metro Tower Lofts. To be financially feasible, historic and low-income tax credits were secured for the project financing. MPC partnered with MRE Capital on the development which is expected to be complete by the fourth quarter of 2021.
Metro Tower Lofts, located downtown at 1220 Broadway Street, will consist of 89 studio, one, two, and three-bedroom units located on floors four through 18 of the building. Fourteen of the units will be leased at market rates, and the remainder will be available at reduced rates to working households. The basement and first floor will consist of commercial/office leased space as well as common area amenities, including offices, laundry, public restrooms, a fitness room, and an Amazon hub, to name a few.
“The Metro Tower Lofts will be a great addition to the Lubbock community,” said Brent Barringer, Managing Director of LIHTC for MPC. “We commend the leadership of Jake Mooney and Daniel Sailler of MRE Capital, LLC, for helping restore this remarkable icon and provide quality housing in an area crucial to the growth and development of the city.”
In addition to the significant capital investment in the Metro Tower Lofts, the project should generate about 110 direct construction jobs and will continue to positively impact the area even after construction. The building’s amenities and the central location will help households cut down on certain expenses, as well as provide access to programs or services that may not have been as easy to access before.
“We are committed to achieving exceptional results will all of our projects.” Said Jacob Mooney, Co-Founder of MRE Capital, LLC. “By bringing new, well-developed housing opportunities to the Lubbock community, the Metro Tower Lofts serves as a great example of this commitment in action.”
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.