NEW ORLEANS--(BUSINESS WIRE)--Nov 12, 2024--
Advantage Capital, a leading impact investment firm that invests with intention in underserved areas and expands access to affordable housing opportunities across the country, today announced the financial closing of three Georgia affordable housing developments to bring 623 housing units to Atlanta and nearby Lawrenceville, Ga. The homes will be made available to families and seniors earning at or below the household area median income.
Advantage Capital leveraged more than $53 million in state Low-Income Housing Tax Credits (LIHTC) to finance the development of the following much-needed housing opportunities:
- The Flats at Stone Hogan in Atlanta, a $99.9 million new construction, 256-unit multifamily development.
- The Villas at Stone Hogan in Atlanta, a $68.9 million new construction, 192-unit, age-restricted (55 and older) development.
- Applewood Towers in Lawrenceville, a proposed acquisition and rehabilitation of two adjacent properties – Applewood Towers I and Applewood Towers II. Both properties were originally built with HUD Section 202 financing and serve seniors 62 and older.
“Residents in Georgia, including seniors, face a significant challenge amid rising housing and rental costs, limited housing availability, and other barriers,” said Tori Cook, Vice President at Advantage Capital. “We are pleased to be working with LIHTC developers to help address the affordable housing shortage in Georgia and ultimately provide individuals and families in the state with more options.”
The developer for the two Stone Hogan properties is Zimmerman Properties, and the developers for the Applewood Towers combined property is Mansermar Development and Rebuild America.
About Advantage Capital
Advantage Capital is a leading impact investment firm with an emphasis on driving capital to underserved areas. The firm provides flexible financing to growth-ready entrepreneurs and industries located in communities that often lack access to conventional sources of capital. Since 1992, the firm has invested more than $4 billion in more than 900 companies to support more than 70,000 quality jobs. The firm also invests with intention in affordable housing developments and renewable energy solutions to grow economies and communities. Learn more at Advantagecap.com.
Advantage Capital is an Investment Adviser registered with the U.S. Securities & Exchange Commission. Such registration, however, does not imply a certain level of skill or training. This release has been prepared for informational purposes and to announce a prior event, and nothing herein should be construed as an offer of investment advisory services or as an offer to sell or a solicitation of an offer to purchase any securities or investment product. All offers of investment interests in any fund or investment vehicle managed directly or indirectly by Advantage Capital are and will be made only to qualified prospective investors pursuant to separate and definitive offering and subscription documents in accordance with applicable federal and state securities laws. Advantage Capital is an equal opportunity provider.
View source version on businesswire.com:https://www.businesswire.com/news/home/20241112610304/en/
CONTACT: Advantage CapitalJoe Stosberg, Communications Manager
[email protected] Tortora, REQ for Advantage Capital
KEYWORD: UNITED STATES NORTH AMERICA LOUISIANA GEORGIA
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY SENIORS FINANCE URBAN PLANNING BANKING PROFESSIONAL SERVICES SOCIALLY RESPONSIBLE INVESTING CONSUMER OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Advantage Capital
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PUB: 11/12/2024 08:00 AM/DISC: 11/12/2024 08:02 AM
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