LOS ANGELES, CA – Hunt Capital Partners, in collaboration with Pennrose, announced today the closing of $13 million in equity financing from the syndication of both federal and state low-income housing tax credits (LIHTC) for the new construction of Warner Robins Phase I. The affordable housing development is located in Warner Robins, Ga., offering a total of 90 units, 59 of which are set aside for households earning up to 50 percent and 60 percent of the area median income.
The city of Warner Robins is home to the Robins Air Force Base, built in 1942. The facility is a worldwide manager for a wide range of aircraft, engines, avionics, missiles and software. To serve local veterans, the Warner Robins Phase I development will partner with the Georgia Veterans Education Career Transition Resource Center (VECTR) to lease five units, for a period of five years, at no cost to tenants. These units will provide short-term housing for veterans who are enrolled in classes at the Georgia VECTR Center, located directly across the street from the new development.
“We are happy to collaborate with Pennrose on the Warner Robins Phase I development,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “We are proud to provide veterans with access to affordable housing, and we believe the work that the Georgia VECTR Center is doing in this community is very important.”
VECTR’s mission is to successfully transition veterans and their families into Georgia’s public colleges, universities, and then the state’s workforce. The non-profit VECTR center serves as a gateway for veterans into Georgia’s postsecondary educational systems, and is designed to serve veterans through career counseling, educational coaching, workforce training, and more.
Spread across four three-story garden style buildings, Warner Robins Phase I will consist of 59 LIHTC units, and 31 market rate units for rent. The property will offer both a fitness and wellness center, along with a community room, grills, and picnic area. Residents will have easy access to both the Robins Air Force Base, one of the major employers in the area, and the Georgia VECTR Center.
The total development cost for Warner Robins Phase I is $15.5 million. Hunt Capital Partners facilitated the investment of federal tax credit equity through two proprietary funds, Hunt Capital Partners Tax Credit Fund 30 and Fund 18. Bellwether provided a $2.5 million FHA-insured construction to permanent loan. The development team comprises Pennrose as developer, Development Authority of the City of Warner Robins as ground lessor, Capstone Building Corporation as the general contractor, Kitchen and Associates as the architect, and LEDIC Management Group as the property manager.