Bayshore Villas in San Juan, Puerto Rico is the first mixed-income development on the island, offering 174 apartments for market-rate, moderate-income, and low-income households.
Affordable Housing Finance announced Preservation Crossing as a finalist in the Historic Rehab category.
After a century of time, a hurricane, a tornado, and a fire, the Old Hattiesburg High School has a new mission. Completed in late 2020, Preservation Crossing realizes the community’s dream of restoring the treasured building. The new development maintains the Victorian brick exterior. Inside, the team has created 56 one- and 18 two-bedroom apartment homes for seniors earning no more than 30% and 60% of the area median income, including units for residents with special needs.
The development carries a $19.7 million price tag. Investor Hunt Capital Partners (HCP) and CDP closed in March on $8.5 million in LIHTC equity for the investment. The enactment in December 2020 of the 4% LIHTC floor was a gift from above in bringing the St. Michael's effort to fruition.
2021 Rankings - Hunt Capital Partners ranked number 9 on the "NMHC 10 Largest Apartment Syndicators" list.
Hurricane Maria gnawed through Puerto Rico’s streets, homes, and power lines, leaving more than half the island without electricity for months. Yet it caused just a pause in lease-up and construction at Bayshore Villas.
Tory Hinton
21031 Ventura Blvd., Suite 604
Woodland Hills, California 91364
818-849-5114
tory@maizemarketing.com
15910 Ventura Boulevard, Suite 1100
Los Angeles, CA 91436
(818) 380-6100
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