Hunt Capital Partners Finances Rehabilitation of Houston Complex for the Elderly
LOS ANGELES, Jan. 23, 2019 – Hunt Capital Partners has announced the financial closing of $7.2 million in low-income housing tax credit equity (LIHTC) financing for the acquisition and rehabilitation of Anna Dupree Terrace located in Houston, Texas. The development serves elderly households, whose tenants are 62 years or older or who have disabilities.
Originally constructed in 1981 by the Eliza Johnson Center for the Aging, Anna Dupree Terrace features 151 units contained within a single three-story building, and a 12,600 square-foot multi-purpose building. The rehabilitation will update the apartment units, common areas, and building systems in the residential building as well as the grounds and exterior paved areas. Additionally, a new office and community space will be constructed at the residential building’s main entrance.
“The Houston area has been substantially affected by numerous hurricanes in recent years, including Hurricane Harvey, which damaged over 200,000 homes when it made landfall in August 2017,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “The redevelopment of Anna Dupree Terrace will help restore quality affordable, senior housing to the city.”
Construction work for Anna Dupree Terrace began December 2018 and is scheduled for completion May 2020. Once completed, Anna Dupree Terrace will feature modern amenities and consist of 42 studio units, 102 one-bedroom units, six two-bedroom units, and a single rent-free unit for an on-site employee. All units will be restricted to households who earn up to 60 percent of the area median income and be subsidized by a project-based Housing Assistance Payment contract (HAP).
At completion, community amenities will include tenant lounges, a computer lab, an on-site beauty salon, and programming space for administration of tenant supportive services. The multi-purpose building will contain a community room, stage, and commercial-grade kitchen. There will also be barbeque and picnic areas as well as gazebos scattered around the gated community.
The total development cost for Anna Dupree Terrace is $23.8 million. Hunt Capital Partners facilitated the investment of federal tax credit equity through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 27. Bill Elsbree, J. Allen Affordable Housing Development, LLC, and Jeshurun Development, LLC are the developers. MEK Construction Ltd. is the general contractor, Mucasey & Associates is the architect, and Creative Property Management Company is the property manager.
Other financing partners include Compass Bank, who provided a $12 million tax-exempt construction loan; HUD, who provided an $8.8 million permanent loan; and the Eliza Johnson Center for the Aging, who provided a $5.09 million acquisition loan.
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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