ATLANTA, July 18, 2024 (GLOBE NEWSWIRE) -- Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating both federal and state tax credits, announces the financial closing of its first Indiana Low-Income Housing Tax Credit (LIHTC), Kilgore Place, a multifamily development in Muncie, Indiana. This project was among the first projects to be awarded the newly established State LIHTC by the Indiana Housing and Community Development Authority (IHCDA).
This significant affordable housing investment addresses a critical need in the local community. TWG Development and the City of Muncie worked closely together with the community to identify and address the need for more housing availability, affordability and stability. Located at 2380 W. Kilgore Ave., Kilgore Place will consist of 120 units with one-, two- and three-bedroom options, revitalizing the site of the former End Zone Bar & Grill, which was destroyed in a fire in 2022. Situated near many great local amenities, the development will bring new, high-quality, attainable housing to the Muncie area.
"We are excited to partner with TWG on our first Indiana State LIHTC project," said Steve LeClere, Partner, LIHTC at Monarch Private Capital. "The Kilgore Place apartments will help to address the shortage of quality attainable housing in Muncie and provide a community residents can be proud to call home.”
Amenities include on-site property management, playground, dog park, fitness center, community room with activities, ample bike storage, community garden beds, free in-unit Wi-Fi, and CORES–certified resident services that promote professional development and personal growth.
“In November 2023, Kilgore Place was awarded IHCDA’s new competitive State Tax Credits. Just seven months later, Kilgore Place successfully closed and became the first development in Indiana to break ground utilizing the new State Tax Credit program,” said Joel Henney, Vice President of Finance at TWG. “This achievement is a testament to the teamwork, tenacity, and innovation that drive these projects. Monarch exemplifies these values, and we appreciate the opportunity to partner with them to build quality housing in our communities.”
Monarch Private Capital specializes in financing projects that generate positive community impact and sustainable returns. Kilgore Place exemplifies this mission by addressing the growing need for affordable housing while contributing to the economic vitality of Muncie.
Construction of Kilgore Place is underway and is expected to be completed in 2026.
For more information on Monarch’s affordable housing tax equity investments, please contact Steve LeClere by emailing sleclere@monarchprivate.com.
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.
CONTACT
Jane Rafeedie
Monarch Private Capital
jrafeedie@monarchprivate.com
470-283-8431
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dc9c5458-1b99-4914-8f6c-4e77cd62aa04
