United Bank provides funding for the construction of High Point Senior Apartments in Andalusia, Alabama

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12/19/2023 - 09:00 AM

ATMORE, Ala., Dec. 19, 2023 /PRNewswire/ -- (OTCQX: UBAB) – United Bank has provided $350,000 in soft financing to The Gateway Companies for the new construction of High Point Senior Apartments, a 56-unit senior affordable housing complex in Andalusia, Alabama. The soft financing is funded through United Bank's 2020 Capital Magnet Fund award from the CDFI Fund division of the US Treasury Department. United Bank is also providing $3 million in construction financing to the project through its participation in Cadence Bank's $10.5 million construction facility. Once completed, the complex will offer one- and two-bedroom apartment homes to senior adults ages 55 and over. On-site amenities will include a walking trail, picnic tables and a community center with kitchen, exercise room, and computer center.

The Gateway Companies develop, own and operate affordable, workforce, conventional and senior multi-family housing communities throughout the Southeastern United States. Gateway has developed more than 100 apartment communities across six states, and manages over 16,000 affordable and market rate apartment units.

About United Bank
United Bank is a $1.3 billion financial holding company that serves Southwest Alabama and Northwest Florida. United is a Community Development Financial Institution (CDFI), which recognizes its commitment to stimulating economic development in underserved communities. UB Community Development (UBCD) focuses on economic and community development through its New Markets Tax Credits, affordable housing, and community facilities programs. Member FDIC.

Contact Information:
Joe Raines
Senior Vice President
205-637-2921
Joe.Raines@unitedbank.com
unitedbank.com
ubcommunitydevelopment.com

View original content:https://www.prnewswire.com/news-releases/united-bank-provides-funding-for-the-construction-of-high-point-senior-apartments-in-andalusia-alabama-302016388.html