LOS ANGELES, Jan. 17, 2019 – Hunt Capital Partners, in collaboration with The Vestcor Companies, announced the closing of $7.7 million in federal low-income housing tax credit (LIHTC) equity financing for the rehabilitation and new construction of Ambar Key Homes I and II. Located in Florida City, Fla., the development will provide a total of 249 affordable townhomes.
A failed condo deal originally developed in 2006. The 78 existing units will receive substantial renovations and an additional 171 new units will provide housing for low-income and workforce families.
“We welcomed the opportunity to partner with The Vestcor Companies on another key development in Florida,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “Ambar Key Homes will provide a variety of housing options and resident resources that will help improve the overall quality of life for tenants.”
Ambar Key Homes will be completed concurrently in two phases. Construction is underway and is scheduled for completion July 2020. When finished, Ambar Key Homes will provide 109 LIHTC units restricted to 28 and 60 percent of the area median income (AMI). There will also be 140 workforce housing units restricted to 80 percent AMI, a portion of which will be tax credit units. Both phases will take advantage of “income averaging,” a new option available to tax credit projects under the 2017 Tax Reform Act. This allows a project’s tax credit units to be available to tenants earning up to 80 percent of AMI so long as the average AMI for the project’s tax credit units does not exceed 60 percent of AMI.
The development’s two-, three- and four-bedroom units will have modern features, including central air conditioning, refrigerators, microwaves, walk-in closets, and in-unit washer/dryer hookups. Community amenities on the property include a clubhouse, exercise facility, picnic area, playground, swimming pool and on-site management. Resident programs will be offered to tenants at no cost. Potential resident services include Community Safety Activities, Employment Counseling, Family Budget Program, Financial Counseling and Tax Preparation, Health and Nutrition Classes, Health Screening, Home Ownership Opportunity Program, Job Training, and Literacy Training.
The total development cost for both phases of Ambar Key Homes is $53.9 million. Hunt Capital Partners facilitated the federal tax credits through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 27. Florida Housing Finance Corporation provided two SAIL construction to permanent loans totaling $17 million. Cedar Rapids Bank & Trust provided a $16.5 million construction to permanent loan for Phase I. SunTrust provided an $11 million construction to permanent loan for Phase II.
The Vestcor Companies’ subsidiaries and affiliates are the general partner, guarantor and developer. Summit Contracting Group Inc. is the general contractor, and Royal American Management 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 $1.4 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.