United Bank provides funding for the construction of Hill at Sand Mountain Apartments in Rainsville, Alabama

Rhea-AI Summary

United Bank (UBAB) provides $350,000 in soft financing to The Gateway Companies for the construction of Hill at Sand Mountain Apartments, a 56-unit affordable housing complex in Rainsville, Alabama. The project also receives $2.5 million in construction financing from United Bank. The complex will offer one- and two-bedroom units with various amenities, including a community room, fitness room, computer center, outdoor gazebo, and picnic area.

ATMORE, Ala., Dec. 14, 2023 /PRNewswire/ -- (OTCQX:UBAB) –United Bank has provided $350,000 in soft financing to The Gateway Companies for the new construction of Hill at Sand Mountain Apartments, a 56-unit multi-family affordable housing complex in Rainsville, 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 $2.5 million in construction financing to the project through its participation in Synovus Bank's $11.9 million construction facility.

Once completed, the complex will offer one- and two bedroom units. Each unit will have a covered porch with an outside storage closet and laundry room with full-size washer and dryer. On-site amenities include a community room with partial kitchen, fitness room, and computer center. An outdoor gazebo and picnic area with grills will also be available for residents' use as well as a covered bus stop shelter.

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.

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SOURCE United Bancorporation

FAQ

What is the name of the bank providing financing for the construction of Hill at Sand Mountain Apartments?

United Bank (UBAB)

How many units will the Hill at Sand Mountain Apartments have?

56-unit multi-family affordable housing complex

Where is the location of the Hill at Sand Mountain Apartments?

Rainsville, Alabama

What type of financing is United Bank providing for the project?

$350,000 in soft financing and $2.5 million in construction financing

What are some of the amenities that the complex will offer?

Covered porch, outside storage closet, laundry room, community room, fitness room, computer center, outdoor gazebo, picnic area, and covered bus stop shelter

How many apartment communities has The Gateway Companies developed across six states?

More than 100 apartment communities

How many affordable and market rate apartment units does The Gateway Companies manage?

Over 16,000 units