UB Community Development Announces $7 Million in New Markets Tax Credit Funding for Realty Masters LLC, an affiliate of ColorMasters, LLC in Albertville for Construction of Railyard Facility
Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, allocated $7 million in New Markets Tax Credit (NMTC) as part of a $14 million railyard facility at Realty Masters, LLC, an affiliate of ColorMasters, LLC in Albertville, Alabama. UBCD assisted in sourcing an additional $7 million in New Markets Tax Credit allocation from contributing partnerships, including PNC allocating $2 million and Gulf Coast Housing Partnership allocating $5 million.
“To be able to support such a dynamic company grow and increase hiring in a rural community is exactly what we seek in a project to support,” said Alex Jones, President of UBCD. “Furthermore, when we learned ColorMasters offers an onsite healthcare clinic, it cemented our belief that ColorMasters was a company that deserved support in their expansion.”
An active participant in flexible packaging since 1986, ColorMasters has grown from a 10,000-square-foot facility with one bag machine to over a million square feet of manufacturing and warehousing space housing more than 24 machines delivering packaging and film solutions to the marketplace. A privately-owned company, ColorMasters is providing meaningful jobs to Marshall County as well as significantly increasing their capacity to manufacture, house and ship products all while meeting increasing demand.
“We are pleased to have had another opportunity to work with United Bank and UB Community Development, a community development partner of United Bank,” said Jonn Grochowalski, company official with both ColorMasters, LLC and Realty Masters, LLC. “We are also delighted to be at the vanguard of job creation here in Marshall County. This is a perfect economic development project for our area.”
ColorMasters has built a corporate legacy through organic growth with superior products at competitive pricing. Their high performance state-of-the-art equipment allowed them to efficiently keep up with supply and demand. The company has been proactively building capacity by strategically adding two to three new pieces of equipment for the past several years as it continues to increase market share.
The bulk of material comes in the form of rail cart. The company has been reliant on rail cart service providers who are more than 35 miles away and at times are inconsistent with delivery based on their shipping volume. The arrival of supply materials and distribution is critical and time sensitive. The construction of the 15-acre railyard is within a half mile of their Medlock facility. The railyard will vertically integrate their supply source and allow for more control of material transportation. The railyard will be utilizing the existing railway. With capacity for 100 rail carts, the railyard will allow for consistent shipping and delivery channels.
For more information about UB Community Development, or for help with planning your next funding project, contact Alex Jones, President, UB Community Development at (251) 446-6017 or email alex.jones@unitedbank.com.
About United Bank
United Bank is a $993,000,000 financial institution that has enjoyed 116 years of continuous service to Atmore, Alabama and surrounding communities. United Bank has offices in Atmore, Brewton, East Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, Silverhill, Spanish Fort, Semmes, Daphne and Summerdale in Alabama. United Bank serves Santa Rosa County, Florida in Jay, Milton, and Pace. For more information about United Bank, please visit our website at www.UnitedBank.com. Member FDIC.
About UB Community Development
UB Community Development’s strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama’s premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.
