United Bank provides funding for the construction of Trinity Ridge Apartments in Phenix City, Alabama

Rhea-AI Summary

United Bank provides funding for the construction of Trinity Ridge Apartments in Phenix City, Alabama

Positive

• United Bank has provided $12.8 million in construction financing to The Bennett Group for the new construction of Trinity Ridge Apartments
• The bank also provided $660,000 in soft financing for the project
• The funding was made possible, in part, due to the bank's $8 million 2020 Capital Magnet Fund award
• The completed project will provide much-needed affordable housing for Phenix City seniors

Negative

• None.

ATMORE, Ala., Oct. 20, 2023 /PRNewswire/ -- United Bank (OTCQX:UBAB) has provided $12.8 million in construction financing along with $660,000 in soft financing to The Bennett Group for the new construction of Trinity Ridge Apartments, a 56-unit multi-family affordable housing complex in Phenix City, Alabama. Funding for this loan was made possible, in part, due to the bank's $8 million 2020 Capital Magnet Fund award. Once completed, the complex will offer two-bedroom units within two residential buildings.

"United Bank is pleased to provide funding to The Bennett Group for the construction of Trinity Ridge Apartments. The completed project will provide much needed affordable housing for Phenix City seniors," said Joe Raines, Senior Vice President of United Bank. "United Bank is committed to serving our communities in Alabama and throughout the Southeast."

On-site amenities include a community clubhouse featuring a meeting room, kitchen, laundry room, computer center and indoor fitness center. An outdoor gazebo and picnic area with grill will also be available for residents' use. The new complex, adjacent to Trinity Lake Apartments, will offer a quiet, park-like living environment with city conveniences such as shopping, parks and community amenities only minutes away.

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.

View original content:https://www.prnewswire.com/news-releases/united-bank-provides-funding-for-the-construction-of-trinity-ridge-apartments-in-phenix-city-alabama-301962570.html

SOURCE United Bancorporation

FAQ

What is the funding amount provided by United Bank for the construction of Trinity Ridge Apartments?

United Bank has provided $12.8 million in construction financing along with $660,000 in soft financing.

What is the purpose of the funding from the bank's Capital Magnet Fund award?

The funding from the bank's $8 million 2020 Capital Magnet Fund award helped make the construction financing possible.

Who will benefit from the completed project?

The completed project will provide much-needed affordable housing for Phenix City seniors.