Advantage Capital Secures Financing for Kindlewood Phase II Revamp
Deal News | Feb 21, 2025 | Advantage Capital
Advantage Capital, a noted impact investment firm, has completed a $68 million financing deal for the Kindlewood Phase II redevelopment in Charlottesville, Virginia. This redevelopment is part of a larger effort to transform a 44-year-old housing complex into a modern and inclusive mixed-income neighborhood, with 100 new affordable homes being added in its second phase. Advantage Capital's investment leverages $9.6 million in state Low-Income Housing Tax Credits, significantly beneficial for addressing affordable housing needs in the region. Additionally, the project involves constructing a learning center, a community center, and new headquarters for Piedmont Housing Alliance, a key development partner. Phase II commenced in January 2025, with anticipated completion by fall 2026, promising substantial benefits to local families and communities.
Sectors
- Real Estate
- Impact Investment
Geography
- United States-Virginia – The entire transaction and redevelopment project takes place in Charlottesville, Virginia, with implications for the state's housing landscape.
Industry
- Real Estate – The article details a significant real estate redevelopment project aimed at expanding affordable housing in Charlottesville, Va.
- Impact Investment – Advantage Capital is an impact investment firm, focusing on financial investments that generate social and environmental benefits, such as affordable housing projects.
Financials
- $68 million – Total financing amount secured for the Kindlewood Phase II redevelopment project.
- $9.6 million – Amount leveraged in state Low-Income Housing Tax Credits.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Advantage Capital | PE Firm | Company | An impact investment firm involved in financing the Kindlewood Phase II redevelopment. |
| Kindlewood Phase II | Target Company | Company | The affordable housing redevelopment project in Charlottesville, Virginia, funded by Advantage Capital. |
| Virginia Housing Opportunity Tax Credit Program | Other | Government | A state program that provides tax credit which Advantage Capital leveraged for the project. |
| Piedmont Housing Alliance | Other | Company | A key partner in the Kindlewood redevelopment project. |
| National Housing Trust | Other | Company | Partner organization appreciative of Advantage Capital's financial support for the redevelopment project. |