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Monarch Private Capital Funds First State LIHTC in Indiana
Monarch Private Capital
$29 million multifamily community coming to Muncie as a result of recent legislation
Kilgore Place
A multifamily development in Muncie, Indiana.
ATLANTA, July 18, 2024 (GLOBE NEWSWIRE) — Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances and manages a diverse portfolio of projects that generate federal and state tax credits, announces the financial close of its first Indiana Low-Income Housing Tax Credit (LIHTC), Kilgore Place, a multifamily development in Muncie, Indiana. This project was one of the first projects to receive the newly established State LIHTC by the Indiana Housing and Community Development Authority (IHCDA).
This significant investment in affordable housing meets a critical need in the local community. TWG Development and the City of Muncie worked closely with the community to identify and address the need for increased 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 by fire in 2022. Situated near many great local amenities, the development will bring new, high-quality, affordable housing to the Muncie area.
“We are excited to partner with TWG on our first LIHTC project in the state of Indiana,” said Steve LeClerePartner, LIHTC at Monarch Private Capital. “Kilgore Place apartments will help address the shortage of quality affordable housing in Muncie and provide a community that 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 gardens, free in-unit WiFi, and CORES-certified resident services that promote professional development and personal growth.
“In November 2023, Kilgore Place received the new competitive state tax credits from the IHCDA. Just seven months later, Kilgore Place successfully closed and became the first development in Indiana to begin using the new state tax credit program,” said Joel HenneyVice 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 Muncie’s economic vitality.
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Construction of Kilgore Place is underway and is expected to be completed in 2026.
For more information about Monarch’s affordable housing equity investments, please contact Steve LeClere by email sleclere@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that positively impact communities by creating clean energy, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The firm 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
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