ESG investment firm Monarch Private Capital has closed on $23 million in low-income housing tax credit equity for the development of Bridge Creek Pointe, a three-building, 90-unit garden-style affordable housing community located at 1 Oak Forest Road in Spartanburg, S.C. Monarch is partnering with Prestwick Development for the project’s planning. The community is expected to open in April 2024.
Bridge Creek Pointe’s full build-out
After its construction finishes, Bridge Creek Pointe will offer one-, two- and three-bedroom living arrangements for renters earing 60 percent or below the area median income. Units will feature full kitchens, as well as in-house washers and dryers. Community amenities include a common room, fitness center and business center, with the buildings connected through landscaped courtyards. The development is expected to substantially contribute to the city’s economy by creating 145 jobs and generating more than $10.5 million in revenue in its first year, according to data from the National Association of Home Builders.
The community will be located within 5 miles of central Spartanburg. Situated along interstates 85 and 26, Bridge Creek Pointe has quick access to much of Spartanburg County, which hosts seven universities, as well as industrial and manufacturing facilities from high-profile companies including BMW Manufacturing, Michelin and Adidas.
Monarch’s Palmetto State affordable projects
Bridge Creek Pointe marks Monarch’s latest investment in affordable housing communities around South Carolina. At present, the Palmetto State is experiencing an 85,571-unit shortage of homes, according to data from the National Low Income Housing Coalition. Such a shortage has been exacerbated by a backlog in the state’s pipeline due to low supply and labor costs.
Monarch’s capitalization of Bridge Creek Pointe is the firm’s latest in a series of investments around the state. In August 2022, the firm negotiated the $40 million funding of Gateway at Cross Creek, a 168-unit community in the town of Central. In April of that year, the company provided further low-income housing tax credits for construction of The Villages at Congaree Pointe, a 240-unit community in Columbia.
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