ATLANTA, July 31, 2020 (GLOBE NEWSWIRE) -- 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 50-million-dollar senior living development called Grayson Ridge in Lawrenceville, Georgia.
Located at 1466 Grayson Hwy in Gwinnett County, Grayson Ridge is an affordable housing development consisting of 240 apartment units for seniors ages 55 and older. One, two and three-bedroom units will be available with rents structured to support those earning anywhere from 30 to 80 percent of the Area Median Income (AMI). Positioned near commercial spaces like restaurants, gas stations, a highly rated daycare, an animal hospital and much more, tenants can easily access the shops and services essential to everyday life. MPC partnered with Dominium, the nation’s fourth-largest provider of affordable housing, and Searles Foundation, a non-profit organization that provides gracious living services to elderly and disabled residents, to bring the project to fruition, which is expected to be completed in the first quarter of 2022.
“With its great location and reasonable rents, Grayson Ridge will enrich the lives of seniors in the Lawrenceville community,” said Steve LeClere, Director of LIHTC for Monarch Private Capital. “This new development is a perfect representation of our commitment to bettering communities by providing quality, affordable homes in areas that require it most.”
Lawrenceville is the county seat of Gwinnett County, which has experienced significant growth and revitalization in many areas over the past few decades. During the 1980’s Gwinnett repeatedly ranked first among the fastest-growing counties in the United States. As a result, Lawrenceville began to really take shape. The most pivotal revitalization of Lawrenceville started in 2005 with the addition of new residences, shopping, dining and entertainment. The Georgia Gwinnett College opened in 2006, becoming the nation’s first four-year public college to be created in the 21st century. These new additions sparked an influx of people, establishing an increased need for continued revitalization to keep up with the growth of the community.
“Grayson Ridge will be an incredibly valuable addition to the Lawrenceville community,” said David Searles Jr., CFO of The Searles Foundation. “Here, our senior residents have a greater opportunity to enjoy their golden years with less financial stress, rewarding programs and services, and beautiful homes in a great location.”
The development of Grayson Ridge will have a considerable economic impact on the area, filling a void in the market for age-restricted housing. In the first year alone, the project is expected to create about 300 jobs and produce nearly $19 million in local income.
“Grayson Ridge will provide seniors a great affordable housing option. We will serve local residents who, as they age, can no longer maintain their homes or seniors who want to move to be near their adult children who live in Grayson, an affordable place to call home,” said Mark Sween, Vice President & Project Partner of Dominium. “We thank our state housing tax credit partner, Monarch Private Capital, for their support. They were very responsive to the partnership’s needs and easy to work with.”
For more information on MPC’s programs and services, please contact Brent Barringer by emailing bbarringer@monarchprivate.com.
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.
About Dominium
Dominium is an affordable housing development and management company headquartered in Plymouth, Minnesota.
The firm has developed more than 30,000 apartments in 22 states and is the nation’s 4th largest provider of affordable housing. Dominium has 45+ years in the business and owns over $3 billion in properties. Dominium employs a professional staff of more than 1,000 employees.
About Beverly J. Searles Foundation
Founded in 2007 by Richard and David Searles, The Beverly J. Searles Foundation is a not for profit organization that provides gracious living services to elderly and disabled residents of affordable housing and other residential communities. Their goal is to enhance the quality of life for their residents by encouraging independence and choices, while celebrating individuality, preserving dignity, privacy and nurturing the spirit.
The Searles Foundation is also a developer and owner of multi-family housing in the affordable and market-rate area, providing quality housing, excellent resident services with high standards, extraordinary experiences and a holistic approach to health and wellness. The foundation has planned, developed and/or operated about 2,000 new housing units, including 11 assisted living communities with 821 assisted living and memory care units. In early 2020, The Searles Foundation and its partners have $148 million under construction, representing 686 age-restricted apartments at five Georgia locations all using Housing Tax Credits.
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