Monarch Private Capital Closes LIHTC Equity Financing for Walnut Street Phase I in Massachusetts

$43 Million Project to Deliver Affordable Housing for Massachusetts Communities

ATLANTA, March 26, 2025 (GLOBE NEWSWIRE) – Monarch Private Capital, a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating federal and state tax credits, is pleased to announce the financial closing of low-income housing tax credit (LIHTC) equity for Walnut Street Phase I, a new affordable housing development for senior tenants aged 55+ in Foxboro, Massachusetts. In partnership with Boston Financial, this Massachusetts state LIHTC project will be placed in service in Q1 2026, helping to create much-needed affordable housing opportunities within the region and reach qualified occupancy by April 2026.

Located at 55 Walnut Street in Foxboro, Walnut Street Phase I is part of a broader effort to address the increasing demand for quality, affordable housing in Massachusetts. Developed by Peabody Properties, Inc and Affordable Housing and Services Collaborative (ASHC), in partnership with OnyxGroup Development and Wilton Company as co-developers and general partners, the $43 million development will consist of the new construction of 141 units in two, three-story, elevator-serviced buildings. The project is receiving two LIHTC allocations—one 9% and one 4%—but both buildings will be constructed simultaneously and operate together. Monarch Private Capital will be investing in the portion of the project receiving $10.5 million in 4% state credits.

The building associated with Monarch Private Capital’s investment will include 80 units, of which 60 will be reserved for tenants earning 60% of the Area Median Income (AMI), while the remaining units will be reserved for tenants receiving Section 8 Project-Based Vouchers (PBVs). Tenants who qualify for Section 8 vouchers will contribute 30% of their income toward rent, ensuring affordability for low-income residents.

“We are excited to partner with Boston Financial on Walnut Street Phase I, a critical project that will significantly enhance affordable housing accessibility in Massachusetts,” said Brent Barringer, Partner and Managing Director of LIHTC at Monarch Private Capital. “This development reflects our commitment to fostering sustainable and inclusive communities by leveraging impactful tax credit investments.”

By addressing key housing challenges in the state, Walnut Street Phase I aims to deliver long-term benefits to the local economy while providing secure, high-quality living spaces for residents. This initiative reinforces Monarch Private Capital’s dedication to supporting economic development and improving the quality of life for low-income individuals and families through strategic investment in affordable housing.

About Monarch Private Capital
Monarch Private Capital manages impact investment 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 participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.