Hunt Capital Partners Secures Funding for Small Town Oklahoma Development for Seniors
LOS ANGELES, Feb. 7, 2018 – Hunt Capital Partners, in partnership with the Volunteers of America National Services, announced the financial closing of $1.75 million in low-income housing tax credit equity (LIHTC) financing for the acquisition and rehabilitation of Autumn Trace Apartments. The development will update Autumn Trace’s four residential buildings that were originally built in 1990. When completed, Autumn Trace will provide 31 renovated affordable housing units for seniors.
Autumn Trace is located in Kingfisher, Okla., a rural community that is home to nearly 5,000 residents. Autumn Trace is the only affordable housing property specifically designated for seniors in the area. By this investment to improve and preserve Autumn Trace, seniors will continue to have access to affordable housing in their home community and do not have to look beyond Kingfisher or move to another city to find an affordable place to live.
“Amidst uncertainty in the LIHTC equity market, Hunt Capital Partners sourced LIHTC capital for the acquisition and rehabilitation of Autumn Trace,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “Raising capital for smaller developments in rural and tertiary markets can be a challenge. However, we have an exceptional team who was able to get the job done. The result is the preservation of quality, affordable housing for seniors in an underserved community.”
Rehabilitation for Autumn Trace began on Dec. 8, 2017 and is scheduled for completion on Aug. 8, 2018. When finished, Autumn Trace will offer seven efficiency units and 24 one-bedroom units set aside for seniors 62 and older earning up to 50 and 60 percent of the area median income. All homes will be fitted with new appliances, as well as central heating and air conditioning. New community amenities include an expanded community room, a community garden, a shuffleboard court, a fitness room, outdoor exercise areas, storm shelters, picnic/grill areas and dedicated space for supportive services.
The total development cost for Autumn Trace is $3.57 million. Hunt Capital Partners facilitated the investment of federal tax credit equity through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 24. Volunteers of America National Services, a subsidiary of Volunteers of America (VOA), spearheaded the development of Autumn Trace. VOA is one of the largest owners and operators of affordable housing with 484 properties in 40 states and Puerto Rico that contain 19,426 affordable housing units.
For Autumn Trace, a VOA affiliate will also serve as the property manager. Bullard Construction of Sacramento, Calif. is the general contractor. Elliott Architects, Inc. of Oklahoma City, Okla. is the architect and was the original architect when the property was first constructed in 1990.
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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