Sugar Creek celebrates the March 3rd groundbreaking ceremonies at Phoenix House, a $10.2 million dollar redevelopment project in southwest Atlanta. When complete, Phoenix House will provide 69 studio apartments with on-site supportive services for adults facing the challenges of mental illness and homelessness. The innovative housing model combines shelter, support and services to facilitate increased personal and economic self-sufficiency and self-determination among the residents.
The project principals have decades of experience in affordable housing and share a common mission:
Tapestry Development Group “combines sharp business minds with mission hearts”
National Housing Trust/Enterprise Preservation Corporation (“NHT/Enterprise”) is a 501 (c)(3) non-profit organization whose mission is to preserve and improve affordable multifamily homes throughout the United States, with a special emphasis on federally assisted or insured rental communities.
Project Interconnections, Inc. (PII) is a 501(C)3 nonprofit corporation whose mission is to develop and manage affordable permanent housing with on-site supportive services for adults facing the challenges of mental illness and homelessness.
Renowned developer and urban visionary Jim Rouse and his wife Patty co-founded Enterprise in 1982 with an ambitious vision of ending poverty in the U.S. More than three decades later, Enterprise remains dedicated to improving the affordable housing system by investing capital, implementing solutions on the ground, and transforming public policy.
With additional support from Invest Atlanta and local government Phoenix House is off to a great start.
The City of Atlanta celebrates the launch of Mechanicsville Cityside Project
Mayor Kasim Reed was joined by Tim Keene, Department of Planning and Community Development Commissioner, Camilla Knowles, Department of Community Affairs Commissioner, Janis Ware, SUMMECH Development Corporation Executive Director, and Atlanta City Councilmember Cleta Winslow at the Ribbon cutting ceremony for the first scattered site development in the City of Atlanta.
Mechanicsville consists of 66 new construction, single family homes being built on acquired vacant land and on land where formerly vacant single-family homes were demolished. Eight single family homes will be renovated for occupancy. Currently, seven homes are completed. These new homes are bringing value to the existing neighborhood and affordability to communities that need it the most.
Atlanta, GA (September 22, 2016) - Sugar Creek Capital is pleased to have participated in the Grand Opening of Stanton Oaks. Stanton Oaks is the rehabilitation of a 43-unit family apartment complex located in Atlanta, Georgia. The project is a partnership between The Woda Group Inc., a top 10 nationally ranked affordable housing developer from Westerville, Ohio, and Parallel Housing Inc. a nonprofit sustainable affordable housing developer from Athens, Georgia. This $7.8 million rehabilitation project represents part of the Atlanta BeltLine’s commitment to affordable housing within the Atlanta BeltLine Planning Area.
Atlanta BeltLine Inc. and Invest Atlanta were catalytic in this redevelopment by providing a grant from the BeltLine Affordable Housing Trust Fund (BAHTF). The goal of such funds is to promote the creation and preservation of sustainable, affordable housing within the Atlanta BeltLine neighborhoods. Grant funds from BAHTF add a necessary, flexible and unprecedented tool to Atlanta’s affordable housing toolkit. Stanton Oaks was awarded a $800,000 grant from the BAHTF to preserve and renovate to LEED standards the existing Atlanta Beltline affordable housing properties. Stanton Oaks was also awarded $428,000 in Federal and State Low Income Housing Tax Credits (LIHTC) by the Georgia Department of Community Affairs.
The rehabilitated Stanton Oaks complex has five 1-bedroom units, eleven 2-bedroom units, twenty-two 3-bedroom units and five 4-bedroom units. The renovated development features numerous amenities for the residents to use and enjoy, including a multipurpose community room, a fully equipped fitness center, a computer center, a laundry facility, an outdoor grilling area and a state of the art tot-lot.
Stanton Oaks obtained a LEED for Homes Gold certification. This year it was also awarded the Fulcrum Award from Southface, Atlanta. Stanton Oaks was also recognized in June of this year in Washington, DC by the Affordable Housing Tax Credit Coalition. Additionally, Stanton Oaks received an Honorable Mention certificate in the HUD Preservation category for this year’s Charles L. Edson Tax Credit Excellence Awards competition.
Sugar Creek Capital Announces the Grand Opening of Abbington Trail Apartments
Powder Springs, GA (April 29, 2016) - Abbington Trail Apartments is a beautiful new affordable senior apartment community located in Powder Springs, GA. The property was developed by Rea Ventures Group, LLC based in Atlanta, Georgia. Funding for this community was made possible with $14,310,840 in federal and state tax credits awarded by Georgia Department of Community Affairs. Those tax credits raised over $9,700,000 in equity from Bank of America and Sugar Creek Capital. In addition, Bank of America is providing permanent financing of $736,058.
Abbington Trail provides 60 two- and three-bedroom homes to Seniors age 62 and over. On-site amenities include, but aren't limited to, a community room, fitness center, media room, library and computer center. The property was built to Earth Craft Multifamily and Communities standards and constructed out of highly energy efficient building materials and systems to keep residents' utility costs low. The site was designed to achieve a walkable community focused on smart planning practices.
Over the past two years, a group of Columbia institutions have collaborated to create a new housing complex — Patriot Place — to help veterans overcome homelessness.
Phil Steinhaus became CEO of the Columbia Missouri Housing Authority in 2006. Shortly after he took over, somebody told Steinhaus they’d rather be homeless than live in public housing. That motivated Steinhaus to turn the CHA into a model of efficiency. Given a tight budget, he coordinated community relationships and seized opportunities for federal help: tax credits, competitive housing vouchers, and more. As part of these efforts, the CHA qualified for Veterans Affairs Supportive Housing vouchers, or VASH, which combines the rental programs of HUD with the psychosocial rehabilitation program at Truman VA for screening, placement recommendations and ongoing supportive services for veterans.
Private funding from charities and local businesses rounded out the community collaboration. The Veterans United Foundation put $1 million of support behind the Patriot Place project, nearly a fourth of the overall funding. Greg Steinhoff said the Patriot Place project was a natural fit for VU — they were already well connected with Welcome Home, the local nonprofit that provides shelter and services to homeless veterans in Columbia, which had by then agreed to convert half of the Deluxe Inn property to another shelter, a sister project to Patriot Place. Besides, as several people at VU told me, their mission is to “get veterans into homes.” VU’s gift preceded a flurry of private donations to the project. Shortly after VU announced their donation, Shelter Insurance donated $450,000 to the project. The CHA was able to furnish the apartments almost entirely with private donations; in March, the Columbia Community Development Corporation, a coalition of seven area banks, donated more than $81,000 to furnish 13 apartments and construct a picnic pavilion on the Patriot Place campus.
Tim Sheahan a superintendent with EM Harris Construction oversaw the rebirth of the former Deluxe Inn into Patriot Place, 25 one bedroom apartments for veterans.
Hunt School Village Groundbreaking
MACON, Georgia (41NBC/WMGT) – A new housing development for seniors in Macon will take the place of an old building that hasn’t been used in more than a decade.
It’s a step to preserve a name and leave a new legacy.
“It will spruce up this entire area — improve it,” Macon-Bibb County Commissioner Elaine Lucas said.
Leaders in the county say they’re excited about the new Hunt School Village — a senior living space off of Shurling Drive in east Macon.
“We can provide assisted housing to them and have state-of-the-art housing. It makes you feel, you know, that you are doing good and that’s what we’re all about,” June Parker, the executive director for the Macon-Bibb County Housing Authority, said.
The 39,000 square foot, $11.8 million project is taking the place of the old, blighted Henry A. Hunt Elementary School. Reminders of what the school once was are scattered throughout the building that’s been closed since 2003.
“The community is so excited about the possibility of having this new facility here where senior housing will be,” Lucas said.
She’s enthusiastic about the changes in her district. She says she once taught at Hunt Elementary and is happy to see the building getting revitalized.
“It enhances everything that’s good in a community to have something like this,” Lucas said.
She said she’s looking into working with fellow commissioners to using some of their appropriated blight removal funding to build up the area surrounding the building.
The county commission along with the housing authority and other partners are creating affordable rental housing for people 62 and older.
There will be a kitchen, as well as a fitness and computer centers.
Leaders with the housing authority say they bought the building from a developer looking to turn the blighted building into a convenience store.
“We know that there’s housing needs here. So we approached them about the possibility of purchasing from them to do this, to transform to housing for seniors,” Parker said.
Meeting a need for both residents and the surrounding community.
Read more on the Hunt School Village Groundbreaking at
Ashleigh Place Grand Opening
Ashleigh Place was developed as a joint venture between Humanities Foundation and James Doran Company at a cost of $11.6 million utilizing LIHTC and state tax credits from the Georgia Department of Community Affairs. HOME funds were also awarded. Bank of America Merrill Lynch was the investor and the construction lender, and the Richman Group is the syndicator. Sugar Creek Capital was the state tax credit investor. The architect was Martin Riley and Associates and the contractor was Connelly Builders
Ashleigh Place in Richmond Hill, GA had its Grand Opening on October 22. In conjunction with the Grand Opening, Ashleigh Place sponsored a Senior Info Expo, attended by 20 local senior service providers, including Westview Nursing and Rehab, Smith/Barid Law Firm, Pruitt Health Hospice, Coastal Area Community Action Authority, Richmond Hill Senior Center, Bryan County Family Connection, Ameris Bank, South State Bank, and Richmond Hill Pharmacy, among others.
Ashleigh Place will be Earthcraft Certified . Wellness and health monitoring programs will be offered to residents under a program called “Sustaining Our Seniors Aging in Place” (SSAIP). In a cooperative venture with Armstrong State University School of Nursing, nursing students will visit Ashleigh Place to help residents monitor their health using telemedicine. The telemedicine program provides measurement of weight gain or loss, oxygen use, sugar levels, blood pressure, and cholesterol using Bluetooth technology. Maintaining stable health will help residents avoid emergency room visits and unnecessary trips to their primary care physicians.
In addition, fresh and non-perishable food will be delivered on a regular basis to the Ashleigh Place Food Pantry. Other community features include a library and computer center, fitness center, central laundry facility, arts and crafts room, community garden area, and community gathering room. Elevators serve 80 residents in the 2-story building. Transportation to special events is provided by a handicapped accessible 15-passenger bus.
The Edge will be one the first affordable developments built in the state utilizing the recently created Colorado State Low Income Housing Tax Credit program. The Loveland Housing Authority partnered with Wells Fargo and Sugar Creek as equity investors is building a 70 unit development targeted towards working families and veterans.
For details read the Housing Authority's press release
Sugar Creek Capital appoints Kells Carroll, Sugar Creek Acquisitions Director, to increase affordable housing state tax credit investment opportunities in his home state, Georgia and other expanding markets. Since 2009, Sugar Creek has closed more than 35 Georgia properties, investing more than $100 million. Kells will work with developers and federal syndicators to identify and underwrite tax credit acquisitions.
A lender in the affordable housing industry for more than 16 years, Kells' primary focus is to expand Sugar Creek’s low-income housing tax credit investments and to facilitate expansion into new markets. Previously, Kells served as a Senior Vice President in the Affordable Housing Group for Community & Southern Bank and, before that, in affordable housing lender roles at Wells Fargo and Fannie Mae.
Sugar Creek President Chris Hite said, “Given Kells’ understanding of the southeastern affordable housing market, he is a worthy addition to our team. Our in-house staff includes CPAs, attorneys and financial services professionals, and now with the addition of Kells with his extensive banking background and lessons learned, all of our developer and federal syndicator partners will truly benefit.”
Sugar Creek would like to congratulate Tapestry and In-Fill Housing who celebrated the Grand Re-Opening of the Village at Blackshear in Blackshear GA in January. 100% leased the newly redeveloped 64 unit property boasts increased unit size, a new community center and enhanced community services for its households all of whom are either elderly or disabled. A job well done to all who collaborated to make this project a success.
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