LOS ANGELES, July 31, 2018– Hunt Capital Partners announced the closing of $8.2 million in low-income housing tax credit (LIHTC) equity financing for the new construction of Mill Road Library Apartments. The transaction closed on July 19. Located in Milwaukee, Wis., the mixed-use development will feature 65 apartment homes, including 56 LIHTC and nine market rate units, as well as a 17,000 square foot branch of the Milwaukee Public Library.
More than 28 percent of Milwaukee residents live in poverty, as reported by the U.S. Census Bureau. Mill Road Library Apartments will be a key development for low-income families, particularly for veterans. For this project, developers Maures Development Group, LLC and Royal Capital Group, LLC, have partnered with Milwaukee County Veterans’ Services Office to target 13 units for veterans who are at risk of homelessness and require access to veteran specific resources.
“We are glad to provide tax credit financing for Mill Road Library Apartments, and we thank J.P. Morgan for partnering with us as our investor,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “Not only does the development serve families and veterans who need it most, but it also provides a library that will serve as a valuable learning and resource center for Milwaukee residents.”
Construction began July 2018 and will continue through August 2019. Upon completion, Mill Road Library Apartments will be a five-story, elevator-serviced mid-rise building. It will provide eight one-bedroom units, 23 two-bedroom units, and 25 three-bedroom units restricted to households earning up to 30, 50, and 60 percent of the area median income (AMI); it will also offer seven one-bedroom and two two-bedroom market units. The apartment homes will be furnished with modern appliances, central heating and air conditioning, walk-in closets, and in-unit washers and dryers. Community amenities include a clubhouse, exercise facility and controlled access throughout the complex. Onsite management and service coordination will also be available for tenants.
The total development cost for Mill Road Library Apartments is $15.1 million. Hunt Capital Partners facilitated the investment of federal tax credit equity by J.P. Morgan Capital Corporation through its proprietary fund, Hunt Capital Partners Tax Credit Fund 26. Maures Development, LLC and Royal Capital Group, LLC are co-developers. Engberg Anderson Inc. is the project architect. North Track Construction is the general contractor, and CommonBond Housing is the property manager.
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 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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