COCOA, Fla., Dec. 12, 2019 –Hunt Capital Partners, in collaboration with the Cocoa Housing Authority (CHA), announced the closing of $13.89 million in federal low-income housing tax credit equity financing for the acquisition and rehabilitation of Cocoa Sunrise Terrace in Cocoa, Fla. The transaction will convert the 183-unit public housing property to Project Based Section 8 via the Rental Assistance Demonstration (RAD) program. Cocoa Sunrise Terrace is CHA’s second LIHTC transaction and second transaction with Hunt Capital Partners.

Cocoa Sunrise Terrace is comprised of 92 residential buildings– a mix of single-story buildings, duplexes, triplexes and quadplexes– on five scattered sites spread across 25 acres. The development also features a community center and an office. Hunt Capital Partners’ investment in Cocoa Sunrise Terrace will help fund substantial site renovations, including new walks, ramps, entry porches, landscape, sanitary lines, roofing, windows, doors and paint. Units will be upgraded with new Energy Star appliances, fixtures, bathroom appliances and HVAC upgrades. CHA will move tenants to vacant units during construction, and all tenants are expected to return upon project completion.

“We are glad to partner with Cocoa Housing Authority again and invest in Cocoa Sunrise Terrace,” said Hunt Capital Partners’ Executive Managing Director Dana Mayo. “Following the close of Cocoa Sunrise Terrace, all of Cocoa Housing Authority’s public housing portfolio will have converted to Section 8 housing through RAD. This is a great achievement and helps to ensure the longevity of Cocoa Housing Authority’s affordable housing stock.”

When completed in June 2021, Cocoa Sunrise Terrace will offer a mix of studio, one-, two-, three-, four-, and five-bedroom units to families who earn up to 35, 50, 60, and 80 percent of the area median income.  Thirty-seven units will be designated for homeless residents. Ten of the extremely low-income units will also be set aside for households with special needs where the family is considered homeless or a family member is a survivor of domestic violence, has a disability, or is a youth who is aging out of foster care. To serve these specific tenant populations, Cocoa Sunrise Terrace will provide a family support coordinator, an employment assistance program, and a homeownership opportunity program.

The total development cost for Cocoa Sunrise Terrace is $32.28 million. Hunt Capital Partners facilitated the federal LIHTCs through a multi-investor fund. Wells Fargo Bank provided an $8.7 million construction loan. National Lending Partners of Florida provided a $6 million permanent loan. CHA provided a $4.51 million construction permanent loan. CHA also provided $6.93 million in seller takeback financing. The Federal Home Loan Bank provided a $500,000 permanent loan through the Affordable Housing Program.

CHA Developer, LLC and SHAG Development, LLC are co-developing Cocoa Sunrise Terrace. WPC III Inc., dba Winter Park Construction Co., is the general contractor. Zyscovich Architects is designing the development. Royal American Management, Inc. 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 $1.9 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, or for Hunt Companies, please visit