HUNTSVILLE, Ala., Sept. 30, 2021—Hunt Capital Partners has closed on $10.65 million in Low Income Housing Tax Credit financing for Stoneridge Villas II, which is the construction of 65 new senior housing units in Huntsville. Stoneridge Villas II is developed by Pennrose and BLOC Global Development Group LLC, replacing obsolescent Huntsville Housing Authority public housing built in the 1950s that has been demolished.
The property, located on 8.8 acres in a residential neighborhood in the western part of Huntsville, will consist of 12 one-story, cottage-style buildings containing one- and two-bedroom apartments and a clubhouse building. All units at Stoneridge Villas II will be affordable, with resident eligibility limited to 60 percent of area median income (AMI). It will be adjacent to Stoneridge Villas I, an 80-unit senior Low Income Housing Tax Credit development that was completed in 2019, and a two-acre wetland site that will remain undeveloped.
Unit amenities will include kitchen appliances (refrigerator, range/oven, dishwasher, and microwave), in-unit washer/dryers, vinyl flooring, central heating and air conditioning, blinds, ceiling fans, closets, exterior storage, and balconies/patios. Project amenities will consist of a clubhouse/community room, on-site management, computer lab, exercise facility, picnic, and recreation areas, limited access, and video security surveillance. The project will have 99 off-street parking spaces. Construction of Stoneridge Villas II is set to take 13 months.
“The project represents the exciting second phase of Huntsville Housing Authority’s redevelopment of obsolescent public housing in the area,” said Dana Mayo, Executive Managing Director at Hunt Capital Partners. “Stoneridge Villas II also serves special needs populations with four units set aside for senior tenants who are homeless or who have a disability. The development will work with the Top of Alabama Regional Council of Governments to fill these units and refer the tenants to partner agencies for supportive services.”
The housing authority will provide rental subsidies for a total of 25 units, including Section 8 project-based vouchers under a 15-year housing assistance payments contract for 22 units, and public housing assistance under a 15-year annual contributions contract for the three remaining subsidized units.
Other partners in the development include Pennrose Management Co., the management agent, Capstone Building Corp., the general contractor, and EDT-THA Architecture, the architect.
Total development cost is $14.9 million. BBVA Mortgage Corp. is providing construction and permanent loans, while Huntsville Housing Authority is contributing a $500,000 soft subordinate loan. Hunt Capital Partners syndicated the federal tax credits through its proprietary fund with BBVA, Hunt Capital Partners Tax Credit Fund 23.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $2.4 billion in tax credit equity in over 40 proprietary and multi-investor funds. HCP manages almost 760 project partnerships representing over 75,000 homes in 51 states and territories. 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, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.