United Bank provides funding for the construction of Hill at Sand Mountain Apartments in Rainsville, Alabama

December 14, 2023

ATMORE, Ala., Dec. 14, 2023 /PRNewswire/ — (OTCQX:UBAB) –United Bank has provided $350,000 in soft financing to The Gateway Companies for the new construction of Hill at Sand Mountain Apartments, a 56-unit multi-family affordable housing complex in Rainsville, 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 $2.5 million in construction financing to the project through its participation in Synovus Bank’s $11.9 million construction facility.

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