Hunt Capital Partners and UHC Collaborate on Fifth Affordable Housing Development in Hawaii
LOS ANGELES, Sept. 20, 2018 – Hunt Capital Partners, in partnership with Urban Housing Communities, LLC, announced the closing of $25.98 million in federal low-income housing tax credit (LIHTC) equity and $12.9 million in Hawaii state tax credit equity financing for the new construction of Kaiwahine Village in Kihei, Hawaii. Located on the island of Maui, Kaiwahine Village will provide 118 affordable housing units to families who earn up to 30, 40, and 60 percent of the area median income. This is the fifth transaction Hunt Capital Partners and UHC have worked together on in Hawaii.
According to estimates made by the Hawaii Department of Business, Economic Development & Tourism in the 2016 Hawaii Housing Planning Study, Maui needs to provide 13,949 units between 2015 and 2025 to keep up with growing demand. About 11,512 of those units would need to be allocated for new households. Hunt Capital Partners’ investment in Kaiwahine Village helps to address Maui’s increasing need for more quality housing, particularly for low-income families.
“Kaiwahine Village will bring much needed affordable housing to Maui,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “We are pleased to invest in this development and we are happy to partner with UHC once again.”
Located in a primarily residential neighborhood, Kaiwahine Village will provide two-bedroom and three-bedroom units as well as two employee units. Upon completion in early 2020, all homes will include modern amenities; the property will also provide central laundry facilities and recreation areas with a clubhouse, courtyard and parcourse. All residents will also benefit from social and education programs, sponsored by non-profit managing general partner Ikaika Ohana, that will be offered at the onsite community room or from the surrounding schools and community centers.
The total development cost for Kaiwahine Village is $62.76 million. Hunt Capital Partners committed a total of $31.5 million in federal and state LIHTC equity to the project. Other capital providers for the development include Citibank, who provided a $33.18 million construction loan and a $7.03 million permanent loan. Hawaii Housing Finance & Development Corporation provided a Rental Housing Revolving Fund loan of $19.7 million. The county of Maui provided $2.25 million in the form of a HOME loan as well as $1.35 million from the Rental Housing Trust Fund program.
For Kaiwahine Village, Urban Housing Communities is the developer, Moss & Associates is the master contractor, Design Partners Incorporated is the architect, and Big Island Housing Foundation is the property management agent.
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 $1.5 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 investors 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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