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 low-income housing tax credit equity (LIHTC) for a 13-million-dollar multi-family development called Abbington on Cheshire Bridge in Atlanta, Georgia.
MPC partnered with Rea Ventures Group (RVG), the developer for the property, which is located at 2070 Cheshire Bridge. RVG specializes in the development and long-term ownership of affordable and market-rate communities in the Southeast. Their communities are environmentally responsible, designed, and built with energy and water-efficient materials and systems, which are all part of their green building initiative.
Expected to be complete by the fourth quarter of 2021, plans include a 48-unit mixed-income rental community that will include 40 LIHTC units reserved for households earning at or below 50 percent and 60 percent of the Area Median Income (AMI) and eight unrestricted market-rate units. The development offers one, two, and three-bedroom units for a variety of household types ranging from singles to families. Community amenities include a community room, enlarged fitness center with instructional space, laundry facility, computer center, covered porch, fenced community garden with a 400 square foot planting area, and a health screening facility.
Abbington on Cheshire Bridge is in a prime location, positioned just four miles northeast of Downtown Atlanta and convenient to the Interstate 85/GA 400 interchange. Since the 2000s, the community has undergone various gentrification methods and hosts urban redevelopment projects. The area is vibrant and full of activity with commercial, residential and light industrial developments located throughout. Public transportation options are also easily accessible within one or two miles of the property.
“We’re excited about The Abbington on Cheshire Bridge and the promising potential it has to add to the ongoing revitalization of the area,” said Brent Barringer, Managing Director of LIHTC for MPC. “We look forward to working with Rea Ventures Group on this project and commend their excellent leadership and hard work on creating quality homes that create enduring communities that last for generations.”
In addition to this significant capital investment in Atlanta, Abbington on Cheshire Bridge will have a substantial employment impact on the community. The project should generate about 60 direct construction jobs and will act as a catalyst for the economic development of the area.
“Our company’s goal is not only to supply great housing solutions, but we also want our developments to provide lasting value for generations,” said Bill Rea, founding member and managing partner of Rea Ventures Group. “We believe that The Abbington on Cheshire Bridge will serve as a great foundation for the continued growth of the community.”
“We understand that quality, affordable housing acts as the cornerstone to a successful local economy in any community,” said Eric Buffenbarger, CFO, Vice President, and Treasurer of Bill Rea’s development and ownership companies. “The Abbington on Cheshire Bridge will help propel the area forward in a variety of ways, including job creation, new tax revenues, and an increased purchasing power due to lowered housing costs.”
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.