LOS ANGELES, May 22, 2019 – Hunt Capital Partners, in partnership with co-developers Saigebrook Development and O-SDA Industries, announced the closing of $8.37 million in federal low-income housing tax credit equity financing for the new construction of Canova Palms in Irving, Texas. Designed for seniors 55 and older, Canova Palms will be a three-story elevator serviced low-rise building that will provide 58 apartments. Fifty will be designated for families who earn up to 30, 50, and 60 percent of the area median income. The other eight apartments will be market rate units.
In collaboration with the Texas Department of Housing and Community Affairs, Canova Palms will also participate in the Section 811 Project Rental Assistance Program. The Section 811 program enables low-income individuals with long-term disabilities to live as independently as possible in a community through rental assistance. Through this initiative, 10 of Canova Palm’s units will be set aside for extremely low-income households with disabilities.
“We are pleased to work with Saigebrook again on a solid development that not only provides access to affordable housing, but also provides easy access to other amenities that benefit seniors,” said Hunt Capital Partners’ Executive Managing Director Dana Mayo. “Canova Palms is located in a prime location as it is less than two miles away from a local grocery store, pharmacy, bank, senior center and hospital.”
Construction for Canova Palms began on May 14 and is scheduled for completion in May 2020. When finished, Canova Palms will offer 38 one-bedroom, one-bath units, and 12 two-bedroom, two-bath units for low-income households. There will also be three one-bedroom, one bath as well as five two-bedroom, two-bath market rate units. Four units will also be allocated for the mobility impaired and two units for the hearing and/or visually impaired.
Supportive services will be provided at no charge to tenants. Potential programs include daily transportation, English as a second language classes, financial planning courses, quarterly health and nutritional courses, recreational events, contracted onsite occupational or physical therapy services, and treatment of alcohol and/or drug dependency, PTSD, other psychiatric or psychological conditions, or rehabilitative services.
The total development cost for Canova Palms is $11.65 million. Hunt Capital Partners syndicated the federal LIHTCs to BBVA Compass Bank through its proprietary fund, Hunt Capital Partners Tax Credit Fund 23. BBVA also provided $8 million in construction financing and $2.2 million in permanent financing. The City of Irving also contributed a $1 million construction to permanent HOME Loan. The development team comprises Saigebrook and O-SDA as co-developers. Maker Bros. is the general contractor. Miller Slayton Architects, Inc. is the project architect, and Accolade Property Management, Inc. is the property manager.
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 $1.7 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.
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