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 15-million-dollar multi-family development called Memorial Drive Apartments located in Hinesville, Georgia.
Hinesville, Georgia is the county seat of Liberty county. Containing nearly 33,000 people, over half of the county’s population lives here. The median household income is seeing a steady annual growth rate of approximately 2.4 percent.
Located at 308 West Memorial Drive in Hinesville, Georgia, this new development will provide 72 affordable rental housing units for low-income tenants. The property will consist of five, two-story, garden-style residential buildings, containing 16 one-bedroom units, 40 two-bedroom units, and 16 three-bedroom units. In addition to the residential units, there will be an on-site manager’s office with a clubhouse/community room, exercise facility, and central laundry as well as a playground and picnic area. MPC partnered with Hallmark Development Partners, LLC, to help bring the project to fruition, which is expected to be placed in service in November 2020.
In addition to this significant capital investment in Hinesville, this development will have a major employment impact on the area. The project should generate approximately 90 direct construction jobs and employ about 300 individuals indirectly.
“The Memorial Drive Apartments are a great representation of Monarch Private Capital’s mission to positively impact communities,” said Brent Barringer, Managing Director of LIHTC for MPC. “We appreciate the joint effort with Hallmark Development Services, for providing quality affordable housing that will benefit the Hinesville community.”
“At Hallmark Development Partners, LLC, we put communities first,” said Thompson Kurrie, President of Hallmark Development Partners, LLC. “The Memorial Drive Apartments in Hinesville, Georgia, will bring a sense of stability and hope to families struggling to find affordable homes in safe neighborhoods.”
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.