Atlanta-based Monarch Private Capital recently announced a $275 million bond issuance to finance affordable housing projects in South Carolina, Georgia and Oklahoma.
The bond proceeds will be distributed to 58 low-income housing projects across the three states. Projects in Greenville, Spartanburg, Anderson, Mauldin and other cities in South Carolina will receive a portion of the funding.
HSBC, a London-based banking and financial services organization, served as the sole placement agent for the bond. Monarch Private Capital will repay the principal and interest on the bond through the syndication of low-income housing tax credits to investors.
Ian Chomat, partner and CFO at Monarch Private Capital, said a total of 2,385 affordable housing units will be developed in South Carolina using the bond proceeds.
“This bond issuance reflects our unwavering commitment to addressing the nation’s urgent housing needs,” Chomat said.
Gordon Street Lofts, an affordable housing apartment complex in West Greenville, is one of the projects that will receive proceeds from Monarch Private Capital’s bond. M Peters Group, Greenberg Farrow and J Davis Construction are the project’s development partners.
The 116-unit complex will be located at 100 and 101 Gordon Street. It will include one-, two- and three-bedroom units priced for families earning 60% or below of the area median income. Chomat said the project’s construction is underway and expected to be completed by the end of 2025.
According to Monarch Private Capital, the additional affordable housing developments located in the Upstate that will receive proceeds from the bond include:
- Gateway at the Green, a 72-unit apartment community in Greenville
- Riley at Overbook, an 88-unit apartment complex in Greenville
- Cherokee Landing, a 128-unit multifamily housing development in Greenville
- Bridge Creek Pointe, a 90-unity housing complex in Spartanburg
- Parkside at Butler, a 72-unit apartment community in Mauldin
- Shockley Terrace, a 258-unit apartment complex in Anderson
- Aston Pointe, a 90-unit apartment community in Anderson
“South Carolina is a major market for us and has been for years,” Chomat said. “Since the state enacted its low-income housing tax credit, we’ve been heavily involved in the low-income housing developers in the state of South Carolina.”
Across the State
Monarch Private Capital plans to provide bond proceeds to several affordable housing developments across South Carolina. These projects are located in:
- Greenville
- Spartanburg
- Anderson
- Maudlin
- Cayce
- Columbia
- Estill
- Goose Creek
- Hanahan
- Myrtle Beach
- Pamplico
- Rock Hill
- Sumter
- Union
