$11M for Affordable Housing in Arkansas

LITTLE ROCK, AR-New York City-based CharterMac and it subsidiary Related Capital Co. have provided $11 million in debt and equity financing for ChapelRidge of North Little Rock, a 172-unit affordable housing complex being developed by Fort Smith, AR-based ERC Properties Inc. Related Capital provided $2.3 million for tax credits generated by the development and CharterMac provided $8.4 million in financing for tax-exempt bonds generated by the development.

Growth in the state capital of Arkansas has been fueled by new industry and the expansion of existing companies, but affordable housing has not kept pace, with no other new multifamily rental complexes under development or planned and many existing complexes 20- to 30 years old, says Related Capital managing director Patrick Martin.

“Related Capital continues to view the Sunbelt as one of the biggest areas of investment opportunity for affordable housing,” adds Martin. “ChapelRidge is a very solid investment, especially given that Little Rock’s rental housing inventory is showing wear and tear.”