Hunt Capital Partners and Texas Nonprofit Developer Realize Long-Standing Vision of Senior Affordable Housing
LOS ANGELES, June 14, 2018– Hunt Capital Partners announced it has provided $13.79 million in low-income housing tax credit (LIHTC) equity for the new construction of Bethlehem’s Pioneer Place in Mansfield, Texas. Providing 135 units for seniors ages 55 and older, Pioneer Place realizes a long-standing vision of local Bethlehem Baptist Church to provide affordable, accessible housing for the community’s aging residents. Historic West Mansfield Texas Community Development Corporation, a nonprofit organization and affiliate of Bethlehem Baptist Church, is the sponsor, co-developer and general contractor for Pioneer Place.
Within the immediate neighborhood surrounding Bethlehem Baptist Church, there are no other affordable housing options for seniors. Pioneer Place addresses this key need and enables elderly, low-income residents to find accommodation within their community. Bethlehem Baptist Church, a historic predominantly African American church that was founded in 1870, began the initial work for this development in 2005. The financial support from Hunt Capital Partners and J.P. Morgan Capital Corporation played a significant role in helping the project become a reality after a 13-year journey.
“Pioneer Place will greatly improve the quality of life for Mansfield’s seniors,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “We are proud to invest in Pioneer Place, and we thank our partner, J.P. Morgan, for their continued support for affordable housing initiatives.”
Pioneer Place is under construction and scheduled for completion by Summer 2019. Whenfinished, Pioneer Place will be a three-story, elevator-serviced low-rise building. Its 135 units will consist of a mix of one and two bedroom apartments restricted to seniors 55 and older who earn up to 30, 50 and 60 percent of the area median income. The residents will also enjoy community amenities, including an exercise facility, library, salon, community courtyard and central laundry facilities. A service coordinator will also facilitate classes and events for the tenants.
The total development cost for Pioneer Place is $19.89 million. Hunt Capital Partners facilitated the investment of federal tax credit equity by J.P. Morgan through its proprietary fund, Hunt Capital Partners Tax Credit Fund 26. Along with Historic West Mansfield Texas Community Development Corporation, Carleton Residential Properties co-developed Pioneer Place. BGO Architects designed the development. Carleton Residential Properties’ affiliates, Carleton Management Services, LLC and Treymore Construction, LLC, are the property manager and prime subcontractor.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the syndication of Federal and State Low-Income Housing, Historic and Solar Tax Credits. Since the successful launch of its first fund in the fall of 2011, HCP has raised over $1.4 billion in tax credit equity. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investees include investment management, mortgage banking, direct lending, loan servicing, asset management, property management, development, construction, consulting and advisory. For more information on Hunt Capital Partners, please visit www.huntcapitalpartners.com, or for Hunt Companies, please visit www.huntcompanies.com.
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