Investments

LANCASTER ROAD – DALLAS, TX

LANCASTER ROAD – DALLAS, TX

ASREF PROVIDES FINANCING TO ACQUIRE AND REDEVELOP A LONG-DORMANT FORMER COMMUNITY HUB

South Dallas, TX – The American South Real Estate Fund has provided a $1.75 million to E Smith Communities to finance the acquisition and renovation of a long-dormant former community hub in South Dallas’ Lancaster Corridor. The 30,000 square-foot, 2.9-acre building has been vacant for nearly 3 years and is located in a low-income census tract with over 39% poverty. The project, which is near the VA Medical Center, will add much-needed office space to the area and connects downtown Dallas to the growing International Inland Port of Dallas. The project has already garnered strong interest from potential anchor tenants that are on track to create more than 200 permanent, full-time jobs for the area’s mostly low- and moderate-income job seekers. Many of the prospective tenants also plan to bring needed services to the community.

ST. JAMES HOTEL – SELMA, AL

ST. JAMES HOTEL – SELMA, AL

ASREF PROVIDES FINANCING TO ACQUIRE AND REDEVELOP HISTORIC ST. JAMES HOTEL

Selma, AL – The American South Real Estate Fund has provided $3.4 million to Rhaglan Hospitality to finance the acquisition and redevelopment of a shuttered historic hotel. The St. James Hotel is situated along the Alabama River near the landmark Edmund Pettus Bridge — site of the 1965 Civil Rights march that became known as Bloody Sunday. Built in 1837, it is the only surviving riverfront antebellum hotel in the Southeast. The St. James will be one of only nine hotels in the Southeast to be part of the coveted Tapestry Collection by Hilton brand. Reopening the St. James Hotel is a top priority for the Selma Redevelopment Authority, the Mayor and City Council, as the property is viewed as a cornerstone of downtown redevelopment. Upon completion, it is projected to bring more than 40 new jobs to an area with 31.7% unemployment and nearly 54% poverty.

AFFORDABLE MULTIFAMILY – HOUSTON, TX


AFFORDABLE MULTIFAMILY – HOUSTON, TX

ASREF DEPLOYS IMPACT CAPITAL TO PRESERVE AND IMPROVE AFFORDABLE HOUSING

Houston, TX – The American South Real Estate Fund has provided preferred equity capital to finance the acquisition and renovation of a 309–unit affordable multifamily community located in southeast Houston. ASREF’s investment will preserve the availability of affordable housing for residents in this LMI area and improve an asset that has not had a major renovation in over two decades. The capital plan includes cost-efficient exterior, interior, and common area amenity improvements that will benefit the quality of life for residents and families.

The community is subject to a Land Use Restriction Agreement (LURA) beyond the term of ASREF’s investment that mandates 100% of the units be leased to individuals and families whose income is 60% or less of area median income. The median income for residents is only 28% of the Houston MSA. The community is located in a predominately minority area (82%) with 32% below the poverty line.

ASREF partnered with a value-add investor with significant holdings in Atlanta and Houston that focuses on improving the quality of Class B and C properties typically in low and moderate-income neighborhoods.

WHEAT STREET BAPTIST CHURCH – ATLANTA, GA


WHEAT STREET BAPTIST CHURCH – ATLANTA, GA

ASREF PROVIDES IMPACT CAPITAL FOR NON-PROFIT IN HISTORICAL SWEET AUBURN DISTRICT

Atlanta, GA – The American South Real Estate Fund has provided a senior construction loan to enable the Wheat Street Charitable Foundation to convert two structures – The Christian Education Building and the American Legion Hall – into office space. Redevelopment of these buildings will create space for non-profit tenants focused on providing services to the surrounding community. Prospective tenants include organizations that work with the homeless, local school teachers, and underprivileged teens.

Redevelopment of the church campus is a high priority for leaders across Georgia. The church campus is located in the heart of the city’s Sweet Auburn district (about one mile east of downtown), near the Martin Luther King, Jr. National Historical Park.

ASREF is partnering with the Wheat Street Charitable Foundation, which was created in 1969 and is focused on redeveloping assets for community impact through education, empowerment, and entrepreneurial opportunities.

PARK VILLAGE – HOUSTON, TX


PARK VILLAGE – HOUSTON, TX

ASREF INVESTS WITH REPEAT SPONSOR TO ENHANCE MULTI-FAMILY COMMUNITY WHILE MAINTAINING AFFORDABILITY

Houston, TX – The American South Real Estate Fund has provided preferred equity capital to finance the acquisition and renovation of a 312–unit affordable multifamily community located in the working-class Alief submarket, the most diverse community in the entire Houston MSA. ASREF’s investment will preserve and improve the quality of affordable housing for residents in this LMI area and reposition a community that has had only limited capital infusion by previous owners. The capital plan includes addressing mechanical and roof deferred maintenance, as well as exterior, interior, and common area amenity improvements that will benefit the quality of life for residents and families.

The community is subject to a Land Use Restriction Agreement (LURA) that extends beyond the term of ASREF’s investment that mandates 100% of the units be leased to individuals and families whose income is 60% or less of area median income. The median income for residents is only 45% of the Houston MSA. The community is located in a predominately minority area (95%) with 37% below the poverty line.

ASREF partnered with a value-add investor with significant holdings in Atlanta and Houston that focuses on improving the quality of undervalued or blighted Class B and C properties in low and moderate-income neighborhoods.

MANCHESTER OAKS APARTMENTS – ATLANTA, GA


MANCHESTER OAKS APARTMENTS – ATLANTA, GA

ASREF DEPLOYS IMPACT CAPITAL TO PRESERVE AND IMPROVE AFFORDABLE HOUSING

Atlanta, GA – The American South Real Estate Fund has provided preferred equity capital to finance the acquisition and renovation of the 240–unit Manchester Oaks Apartments located in southwest Atlanta. ASREF’s investment will preserve the availability of affordable housing for residents in this LMI area and improve an asset that has not seen a major capital renovation in more than 10 years. The capital plan includes bringing numerous down units back online and cost-efficient exterior, interior, and common area amenity improvements that will benefit the quality of life for residents and families.

ASREF is requiring that 80% of units be affordable to individuals and families making less than 60% of area median income (AMI) and 100% of units will be affordable to those making less than 80% of AMI. The median income for residents within the census tract is 64% of the Atlanta MSA. Manchester is located in a predominately minority area (96%) with 26% of residents living below the poverty line.

ASREF partnered with Nicas Group Capital, a sponsor that focuses on the creation of high-quality affordable housing through the acquisition of blighted communities within growing metro areas.

CHATHAM MILL – WINSTON-SALEM, NC

CHATHAM MILL – WINSTON-SALEM, NC

ASREF PROVIDES FINANCING FOR PHASE II OF THE HISTORIC REDEVELOPMENT OF CHATHAM MILL

Winston-Salem, NC – The American South Real Estate Fund has provided a $1 million mezzanine loan to finance the next phase of the historic redevelopment of Chatham Mill. Phase I of this project, which was completed in 2016, included the historic restoration of the majority of the original mill structure, which created 170 workforce and affordable apartment units and environmental remediation of the contaminated site. ASREF is financing the next phase of the project, which includes the renovation of two 7,800 square foot industrial buildings that will become the new home of Two Cities Church. A third phase is anticipated to create an additional 40 multi-family units.

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