ATMORE, Ala., Dec. 21, 2023 /PRNewswire/ -- (OTCQX: UBAB) – United Bank has provided $600,000 in soft financing to Vantage Development for the construction of The Vinings at Newport, a 96-unit affordable housing property for families in Kingsland, Georgia. United Bank is also providing $5 million in construction financing to the project through its participation in US Bank's $20 million construction facility. Once completed, the complex will offer one-, two-, and three-bedroom units.
On-site amenities include a clubhouse featuring a community laundry facility and indoor fitness center. An outdoor barbeque area and playground will also be available for residents' use. The new complex will be convenient to shopping, schools and other amenities.
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 Bank
FAQ
What is the purpose of United Bank's financing to Vantage Development for The Vinings at Newport?
United Bank (UBAB) provided $600,000 in soft financing to Vantage Development for the construction of The Vinings at Newport, a 96-unit affordable housing property for families in Kingsland, Georgia.
How much construction financing is United Bank providing to the project?
United Bank is also providing $5 million in construction financing to the project through its participation in US Bank's $20 million construction facility.
What type of units will The Vinings at Newport offer?
The complex will offer one-, two-, and three-bedroom units for residents.
What on-site amenities will be available at The Vinings at Newport?
The complex will feature a clubhouse, community laundry facility, indoor fitness center, outdoor barbeque area, and playground for residents' use.
Where is The Vinings at Newport located?
The Vinings at Newport is located in Kingsland, Georgia, and will be convenient to shopping, schools, and other amenities.
