Advantage Capital Invests in Affordable Housing in Georgia
Deal News | Nov 12, 2024 | Advantage Capital
Advantage Capital, a prominent impact investment firm based in New Orleans, has announced the financial closure of three affordable housing projects in Georgia, aiming to construct 623 housing units in Atlanta and Lawrenceville for individuals earning at or below the median household income. This initiative involves a $99.9 million construction of 'The Flats at Stone Hogan' and a $68.9 million 'Villas at Stone Hogan', both by Zimmerman Properties, as well as the acquisition and rehabilitation of Applewood Towers I and II in Lawrenceville by Mansermar Development and Rebuild America, using over $53 million in state Low-Income Housing Tax Credits (LIHTC). This effort aims to address the high costs of housing and limited availability for low-income families and seniors in Georgia. Advantage Capital has a longstanding commitment to investing in underserved areas, emphasizing affordable housing and community development since its inception in 1992.
Sectors
- Real Estate Development
- Financial Services
- Impact Investing
Geography
- United States – The projects are located in the U.S., specifically Georgia, and Advantage Capital is based in New Orleans.
- Georgia – The focus of the housing developments is in Georgia, targeting communities in Atlanta and Lawrenceville.
Industry
- Real Estate Development – The article discusses the development of affordable housing projects, which falls under real estate development.
- Financial Services – The use of impact investment and tax credits for financing indicates involvement in the financial services industry.
- Impact Investing – Advantage Capital is an impact investment firm focusing on underserved areas, representing this industry.
Financials
- 53 million – The amount leveraged from state Low-Income Housing Tax Credits (LIHTC) for financing the developments.
- 99.9 million – The cost of building the 'Flats at Stone Hogan' development in Atlanta.
- 68.9 million – The cost of constructing the 'Villas at Stone Hogan' in Atlanta.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Advantage Capital | Investor | Company | An impact investment firm providing financing for housing developments. |
| Zimmerman Properties | Developer | Company | The developer responsible for the Stone Hogan housing projects. |
| Mansermar Development | Developer | Company | One of the developers for the Applewood Towers rehabilitation project. |
| Rebuild America | Developer | Company | A co-developer for the Applewood Towers rehabilitation project. |
| Joe Stosberg | Communications Manager | Person | Communications Manager at Advantage Capital. |