Aline Capital Finances Two Costar Award-Winning Deals In 2022

News provided by

May 02, 2023, 14:32 ET

GREENVILLE, S.C., May 2, 2023 /PRNewswire/ -- Aline Capital is proud to announce their role in financing two of the 2023 Costar Impact Award-winning transactions in the Upstate SC market.

The 2023 Costar Impact Acquisition of the Year was awarded to Aline Capital's client, Affordable Upstate, for their acquisition of Park West Apartments. The 359-unit property was acquired for $39 million with the intent of investing an additional $7 million into the property for improvements. As its name suggests, Affordable Upstate's business plan is to preserve much-needed affordable housing for residents in an area that has experienced rapid growth and increased housing costs in recent years.

Aline Capital's debt and equity placement team were able to help facilitate the transaction by securing funding from one of their strategic sources that provides a lower cost of capital for ESG-related projects. The advantageous financing provided a path to closing and success beyond closing for the acquisition, which had previously fallen out with another buyer due to financing issues. "While the term ESG has come under scrutiny and has some negative connotations for some, I think we can all agree that finding ways to preserve affordable housing for those that need it is a great thing," provided JD Lehman with Aline Capital.

Aline was also a part of the 2023 Costar Impact Multifamily Development of the Year with its role in sourcing both debt and equity for The Cottages of Anderson. The project was one of a new concept, which included 100 "tiny homes" for the purpose of providing an affordable housing solution to an area that is in desperate need of housing choices for its workforce. The first phase of the Opportunity Zone project is nearly complete, with all 100 units installed. Aline Capital was able to source both the development financing and equity for the transaction to help the development team bring their new concept to reality.

"We are honored to be included in two award-winning projects that focused on providing affordable solutions to residents. We work a tremendous amount in the affordable housing sector and are blessed to work with clients who are so passionate about the topic." We hope that both of these projects and many more will be a great success for these clients and future clients in the space," provided Scott Williams with Aline Capital.

Aline Capital is a fully integrated commercial real estate and capital markets advisory firm. It offers real estate brokerage, debt and equity advisory, development advisory, and commercial insurance services to commercial real estate developers and investors. For more information, please visit https://www.alinecapital.com/.

SOURCE Aline Capital, LLC