Development will provide affordable housing for working families, military, police and firefighters
WOODLAND HILLS, CA – September 16, 2019 – Alliant Capital is pleased to announce the closing of its proprietary investment in Patriot Park. Developed by the non-profit Plano Housing Corporation, the multi-family community will consist of 139 housing units for working families including veteran military, police and firefighters in Plano, Texas. The investment of over $13 million in total equity will produce $15 million in low income housing tax credits.
“We are proud to invest in this impactful development,” says Jen Erixon, SVP of Originations at Alliant Capital. “Quality affordable housing within reach of veterans, teachers and first responders is critical. When families can live in the place they serve, it strengthens the entire community. We’re so grateful for Plano Housing Corporation’s leadership and to all of our financing partners.”
Construction on the development commences this year and will have three and four-story buildings with a community center. Other amenities will include a swimming pool and deck, BBQ area, and storage units. The community center itself will promote a sense of gathering for the residents of Patriot Park with its business room; equipped with computers, community room with TV area, open kitchen and eating bar, yoga room, and fitness room with cardio equipment and a common laundry facility.
“Developments like this are the reason we’re here,” adds Shawn Horwitz, Alliant’s owner and CEO. “When we’re able to provide housing for people who served their community, our country, and their families, it reinforces why I started this company over 20 years ago.”
The project is expected to be completed in February 2021 and will add 139 units to the Alliant Capital apartment portfolio. To date, Alliant Capital has invested over $300M in nearly 5,500 units in Texas.
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