LOS ANGELES, Aug. 22, 2019 – Hunt Capital Partners, in collaboration with developer LDG Multifamily, LLC, announced the closing of $23.4 million in federal and state low-income housing tax credit (LIHTC) equity financing for the new construction of Union Landing Apartments in Union City, Ga. Union Landing will provide 240 affordable housing units spread across 10 garden-style buildings situated on 27 acres of land. The development also includes a community building.
Union City is a thriving town of 21,000 residents located eight miles southeast of the Hartsfield-Jackson Atlanta International Airport in Fulton County. Key employers in the Fulton County area include Delta Airlines, UPS, Emory University and Home Depot. Union Landing will offer new housing options to low-income families who earn up to 60 percent of the area median income.
“Union Landing is a great affordable development that will positively impact hundreds of families,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “We are happy to provide tax credit equity financing for this deal, and we especially thank Aetna, a CVS Health Company, who invested state and federal tax credit equity in the project, for their commitment to expand affordable housing.”
Union Landing will provide 24 one-bedroom, 96 two-bedroom, and 120 three-bedroom units. The site will be enhanced by amenities such as a community room, business room, fitness center, swimming pool, playground, laundry facilities, grilling areas, gazebo, off-street parking, and on-site management. The construction schedule for Union Landing is 15 months, and the projected completion date is October 2020.
The total development cost for Union Landing is $43.48 million. LDG’s development team consists of Xpert Design and Construction, LLC, Studio A Architecture Inc., and Gateway Management Company, LLC.
Hunt Capital Partners syndicated federal LIHTCs and Georgia LIHTCs through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 31, in which Aetna invested. Citibank provided a bifurcated construction loan with $10.7 million that is taxable and $24 million that is tax exempt. Citibank also provided $19.59 million in tax-exempt permanent financing.
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 www.huntcapitalpartners.com, or for Hunt Companies, please visit www.huntcompanies.com.