ATLANTA, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Monarch Private Capital, a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating both federal and state tax credits, is pleased to announce the financial closing of low-income housing tax credit (LIHTC) equity for the new construction of a $36 million affordable housing development called Rising Sun Apartments in Oklahoma City, Oklahoma.
The Rising Sun Apartments are located at 1315 South MacArthur Boulevard and comprises 224 permanent affordable housing units. Monarch partnered with DLP Development, LLC to develop this project, which is expected to be completed in July 2024. Fifty percent of the construction for Rising Sun will be produced in a new modular housing facility based in Oklahoma City called The House Factory. Pre-constructed second-floor modules will be craned into place reducing the overall build time of the development by 20%.
By effectively addressing Colorado’s pressing issue of affordable housing, the Rising Sun Apartments not only provide a solution for the community’s housing needs but also offer a significant economic boost to the local economy. Based on estimations from the National Association of Home Builders (NAHB) report, the project is expected to create over 300 jobs and generate over $23 million in local income in the first year alone.
"We are really excited to partner with Monarch on our Rising Sun development. Not only is their capital making this deal possible, but their extensive expertise in the affordable housing industry is helping us shape past and future developments we have in Oklahoma," stated Lance Windel, CEO of DLP Development, LLC.
“Increased access to affordable housing is crucial for creating a thriving community and improving the quality of life for local residents,” said Brent Barringer, Partner, Managing Director of LIHTC. “We’re thrilled to partner with DLP Development on high-quality affordable homes that will have a lasting, positive impact on Oklahoma City.”
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.
About DLP Development, LLC (DLP)
DLP Development, LLC (DLP) is a full-service residential developer specializing in affordable housing in the State of Oklahoma. DLP Has in -house development, construction, supply chain, and property management. Denton Parker and Lance Windel are the Principals of DLP and both have extensive experience in the construction industry. Lance Windel, as a developer, has been awarded over 18 Affordable Housing Tax Credit (AHTC) developments consisting of more than 1000 units since 2009. Denton Parker began working with independent developers in Kansas City, Missouri in 2012. In this Crossroads district, an effort included over 15 projects. Lance Windel and Denton Parker formed DLP Development, LLC in September of 2021.
CONTACT
Jane Rafeedie
Monarch Private Capital
jrafeedie@monarchprivate.com
470-283-8431
