LOS ANGELES, April 18, 2018– Hunt Capital Partners, in collaboration with Highridge Costa Housing Partners, closed $12.5 million in low-income housing tax credit (LIHTC) equity financing for five affordable housing developments in Central and Southern California. The LIHTC investment involved the re-syndication of the recently rehabilitated Summerhill Family Apartments in Bakersfield, Sycamore Walk in Bakersfield, Seasons at Simi in Simi Valley, San Vicente Townhomes in Soledad, and The Village at Madera in Madera.
The affordable housing crisis in California has reached a tipping point. According to the California Budget & Policy Center, more than 50 percent of renters are cost burdened. Within that group, approximately 29 percent are severely cost burdened, paying more than half of their income toward housing. Hunt Capital Partners’ LIHTC investment ensures the preservation of affordable housing for years to come and secures the extension of the useful life of five California developments that are critically needed.
“We are proud to work with Highridge Costa Housing Partners and pleased by what we have been able to accomplish together,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “Closing five deals comprising 434 units in just two months is no easy feat. As the original developer, Highridge Costa played an instrumental role in this process and provided extensive insight regarding the rehab, operations and markets for these deals.”
Hunt Capital Partners facilitated the investment of 4% federal LIHTCs through a combination of multi-investor and proprietary funds for all five developments. Each property has garden style or townhome buildings composed of LIHTC units that are restricted to 40, 50 and 60 percent of the area median income. All homes are furnished with modern amenities and each site has a community building that residents can use. All properties are fully occupied.
Located in Bakersfield, Summerhill Family Apartments provides 128 units, all of which were built in 1996. Summerhill Family received its final Notice of Completion on Nov. 20, 2017, signifying the completion of rehabilitation of the property. Hunt Capital Partners provided $3.82 million in LIHTC equity for this property.
Also situated in Bakersfield, Sycamore Walk provides 112 units for low-income families. It was built in 2000 and renovated in 2017. Sycamore received its final Notice of Completion for rehab work on Nov. 27, 2017. Hunt Capital Partners invested $2 million in LIHTC equity for Sycamore Walk.
Seasons at Simi is a 69-unit senior development in Simi Valley for residents who are 62 and older. It was constructed in 1999 and updated in 2017. Seasons at Simi received its final Notice of Completion for restoration and repairs to the property on Dec. 20, 2017. Hunt Capital Partners syndicated $2.59 million in LIHTC equity for Seasons.
Built in 1997, San Vicente Townhomes is a 50-unit development for families in Soledad. Renovations to property were completed by Jan. 17, 2018, according to its final Notice of Completion. Hunt Capital Partners provided $2.15 million in LIHTC equity for San Vicente Townhomes.
The Village at Madera provides 75 homes for families and is located in Madera. The property was first constructed 1999 and updated nearly two decades later. Rehabilitation of the buildings was completed by Jan. 17, 2018, as reported by the final Notice of Completion. Hunt Capital Partners invested $1.97 million in LIHTC equity for The Village.
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.