Last month, Centrant Community Capital closed a $750,000 permanent mortgage loan to finance O’Neil Pointe Apartments, located in Columbia, SC. This new, 42-unit multifamily property, which received an allocation of federal low income housing tax credits in 2018 from the South Carolina State Housing & Development Authority, provides a mix of two, three and four bedroom units for low- to moderate-income households earning 60% or less of the area median income.
In many ways, O’Neil Pointe is a perfect example of the properties financed by Centrant since our establishment in 1990. It’s an attractive, well-built community that will help to address a significant shortage of quality affordable housing in its market. It will provide a sense of home and safety for its residents. It is, and will be, an asset that enhances the community it serves.
However, this particular loan was a little bit special for Centrant, as it was the 400th loan closing we have completed. We are fortunate to have a long-standing, successful relationship with the developer, and are proud to share this distinction with his team. But O’Neil Pointe is also the latest in a long line of loan closings that seek to fulfill our mission to leverage the resources of the banking industry to finance the creation and preservation of quality affordable housing – and the first of many more to come.
As we recognize this milestone, we are truly grateful for the financial support of our member banks, and for the confidence and trust displayed by the many developers who have chosen Centrant for their permanent debt needs.