February 21, 2025
ST. LOUIS, February 25, 2025 – Advantage Capital, a leading impact investment firm that invests with intention in underserved areas and expands access to affordable housing opportunities across the country, announced today the financial closing for Kindlewood Phase II—a $68 million redevelopment in Charlottesville, Va.
The firm leveraged $9.6 million in state Low-Income Housing Tax Credits (LIHTCs) in connection with the Virginia Housing Opportunity Tax Credit (HOTC) program, an essential tool for expanding the supply of affordable housing across the commonwealth.
“The Virginia HOTC program provides invaluable financial support to developments like Kindlewood II, driving meaningful change in communities facing housing challenges,” said William Fiederlein, Vice President, Advantage Capital. “This investment is an example of our continued commitment to deploying capital in Virginia that addresses affordable housing needs.”
The Kindlewood redevelopment is a multi-phase development designed to revitalize a 44-year-old housing community into a modern, inclusive, mixed-income neighborhood. In its second phase, it will add 100 new affordable homes, with approximately half serving as replacement units for existing residents and the rest as new affordable housing. The plans also feature a learning center, a community center, and the headquarters for Piedmont Housing Alliance, a key partner in Kindlewood’s development team.
“Kindlewood Phase II is a crucial step in the progress toward reaching resident redevelopment goals for their community,” said Sunshine Mathon, Executive Director, Piedmont Housing Alliance. “We are grateful to everyone who has dedicated their lives, vision, and passion to this extraordinary work.”
Phase II broke ground in January 2025 and completion is anticipated for fall 2026. This phase of the development is anticipated to deliver significant long-term benefits to families in Charlottesville and the broader community.
“National Housing Trust appreciates Advantage Capital’s partnership in financing this second phase of the Kindlewood redevelopment,” said Priya Jayachandran, President and CEO, National Housing Trust. “Construction of 100 new sustainably designed units and a new community resource center is a monumental step towards realizing the residents’ vision for a reimagined Kindlewood.”
Advantage Capital, which supported and actively advocated for the HOTC program alongside other organizations and entities, participates in state and federal tax credit programs to help developers finance housing developments and increase access to safe, high-quality, and affordable homes for low-income families, veterans, public service workers and other vulnerable populations in America.
###
About Advantage Capital
Advantage Capital is a leading impact investment firm with an emphasis on driving capital to underserved areas. The firm provides flexible financing to growth-ready entrepreneurs and industries located in communities that often lack access to conventional sources of capital. Since 1992, the firm has invested more than $4.3 billion in more than 1,000 companies to support more than 70,000 quality jobs. The firm also invests with intention in affordable housing developments and renewable energy solutions to grow economies and communities. Learn more at Advantagecap.com.
Contacts:
Advantage Capital
Joe Stosberg, Communications Manager
Advantage Capital is an Investment Adviser registered with the U.S. Securities & Exchange Commission. Such registration, however, does not imply a certain level of skill or training. This release has been prepared for informational purposes and to announce a prior event, and nothing herein should be construed as an offer of investment advisory services or as an offer to sell or a solicitation of an offer to purchase any securities or investment product. All offers of investment interests in any fund or investment vehicle managed directly or indirectly by Advantage Capital are and will be made only to qualified prospective investors pursuant to separate and definitive offering and subscription documents in accordance with applicable federal and state securities laws. Advantage Capital is an equal opportunity provider.
Any third-party statements herein are by persons other than current clients or investors in any private fund directly or indirectly managed by Advantage Capital. Although Advantage Capital did invest cash funds into an entity that is controlled by National Housing Trust, neither Priya Jayachandran (President and CEO of National Housing Trust) nor any other employee of National Housing Trust has received any direct compensation, whether in cash or non-cash form, for the statements or opinions expressed herein. There are no known material conflicts of interest on the part of any third party making or expressing such statements or opinions resulting from such party’s relationship with Advantage Capital or from Advantage Capital’s cash investment into the Kindlewood Phase II Redevelopment or participation in any federal or state tax credit program.
