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 5-million-dollar multi-family development called Evergreen Village Apartments.
Cedartown is the county seat of Polk County, which has a population of approximately 42,085. With a growth rate of over 1%, the population, along with income and employment for the area, are on a slight upswing and are projected to maintain a steady growth rate over the next 20 years.
This new development is located at 110 Evergreen Lane in Cedartown, Georgia. Positioned about a mile from North Main Street near the commercial area of town, it will supply 56 affordable rental housing units for low-income tenants.
In addition to this significant capital investment in Cedartown, this development will have a major employment impact on the area. The project should generate approximately 70 direct construction jobs and employ about 250 individuals indirectly. MPC has partnered with veteran team, Hallmark Development Partners, LLC, to develop the project, which expects to be placed in service by June 2020.
“Our investment in Evergreen Village Apartments is another example of the benefits our LIHTC program has on communities,” said Brent Barringer, Managing Director of LIHTC for MPC. “We appreciate the collaboration with Hallmark Development Partners, LLC, for delivering superior affordable housing that will positively impact the Cedartown community.”
“At Hallmark Development Partners, LLC, it is our mission to provide stable, safe, and dependable multi-family communities with each of our projects,” said Thompson Kurrie, President of Hallmark Development Partners, LLC. “We are confident that Evergreen Village Apartments will do just that, helping to relieve financial stresses and invigorate the community of Cedartown, Georgia.”
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.