ATMORE, Ala., Dec. 19, 2023 /PRNewswire/ -- (OTCQX: UBAB) – United Bank has provided $350,000 in soft financing to The Gateway Companies for the new construction of High Point Senior Apartments, a 56-unit senior affordable housing complex in Andalusia, Alabama. The soft financing is funded through United Bank's 2020 Capital Magnet Fund award from the CDFI Fund division of the US Treasury Department. United Bank is also providing $3 million in construction financing to the project through its participation in Cadence Bank's $10.5 million construction facility. Once completed, the complex will offer one- and two-bedroom apartment homes to senior adults ages 55 and over. On-site amenities will include a walking trail, picnic tables and a community center with kitchen, exercise room, and computer center.
The Gateway Companies develop, own and operate affordable, workforce, conventional and senior multi-family housing communities throughout the Southeastern United States. Gateway has developed more than 100 apartment communities across six states, and manages over 16,000 affordable and market rate apartment units.
About United Bank
United Bank is a $1.3 billion financial holding company that serves Southwest Alabama and Northwest Florida. United is a Community Development Financial Institution (CDFI), which recognizes its commitment to stimulating economic development in underserved communities. UB Community Development (UBCD) focuses on economic and community development through its New Markets Tax Credits, affordable housing, and community facilities programs. Member FDIC.
Contact Information:
Joe Raines
Senior Vice President
205-637-2921
Joe.Raines@unitedbank.com
unitedbank.com
ubcommunitydevelopment.com
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SOURCE United Bank
FAQ
What is the name of the company mentioned in the press release and its ticker symbol?
The company mentioned is United Bank with the ticker symbol UBAB.
What is the purpose of the $350,000 soft financing provided by United Bank to The Gateway Companies?
The $350,000 soft financing is for the new construction of High Point Senior Apartments, a 56-unit senior affordable housing complex in Andalusia, Alabama.
How much construction financing is United Bank providing to the project and through which bank?
United Bank is providing $3 million in construction financing to the project through its participation in Cadence Bank's $10.5 million construction facility.
What type of apartment homes will the completed complex offer, and who is the target demographic?
The complex will offer one- and two-bedroom apartment homes to senior adults ages 55 and over.
What are some of the on-site amenities that will be available at the completed complex?
On-site amenities will include a walking trail, picnic tables, and a community center with kitchen, exercise room, and computer center.
What is the primary focus of The Gateway Companies, and in how many states have they developed apartment communities?
The Gateway Companies focus on developing, owning, and operating affordable, workforce, conventional, and senior multi-family housing communities. They have developed more than 100 apartment communities across six states.
How many affordable and market rate apartment units does The Gateway Companies manage?
The Gateway Companies manage over 16,000 affordable and market rate apartment units.
