UBCD provides financing for senior development
Published 5:34 pm Tuesday, September 29, 2020
UB Community Development, LLC (UBCD) announced Sept. 25 that it is providing secondary financing to Gateway Development and CRN Development for the construction of Atmore Senior Housing, according to a release.
The financing is for $700,000 and is for a 50-unit, affordable senior adult multifamily project here.
UB Community Development LLC is a community development partner of United Bank.
Funding for this loan was made possible due to the bank’s 2017 Capital Magnet Fund award. United Bank is also providing an additional $2.8 million in construction funding to the project, as a participant in BBVA’s construction facility.
The Capital Magnet Fund (CMF) Program is administered by the Community Development Financial Institutions Fund within the US Treasury Department.
The CMF program offers competitively awarded grants to qualified institutions and non-profits, for the purpose of providing affordable housing solutions and community revitalization efforts to low income people nationwide.
Since 2017, United Bank has been the recipient of two CMF awards totaling $10 million. United Bank is the only Alabama-based bank to receive and administer Capital Magnet Fund awards, further validating our strong commitment to providing unique and meaningful capital solutions to community development projects across Alabama and Florida.
For more information about UB Community Development, or for help planning your next funding project, contact Alex Jones, President, UB Community Development at (251) 446-6017 or email Alex.Jones@unitedbank.com; or Joe Raines, SVP, United Bank and UB Community Development at (205) 314-5790 or email Joe.Raines@unitedbank.com. For more information about United Bank, please contact
Tonya Lambert, SVP, Chief Marketing and Public Relations Officer, at (251) 446-6004 or email Tonya.Lambert@unitedbank.com.