Hunt Capital Partners Invests in Affordable Housing for Pennsylvania Families
LOS ANGELES, Aug.2, 2016–Hunt Capital Partners announced today the acquisition, rehabilitation, and new construction of Crest Manor (“The Project”). Located north of downtown Philadelphia, Crest Manor is situated on 4.48 acres in Abington Township, PA. The Project closed on June 27, 2016 and is scheduled for completion on March 31, 2018. When finished, it will provide 46 units– 34 renovated and 12 newly constructed– for low-income families.
Crest Manor was awarded $12 million in Federal LIHTCs from the Pennsylvania Housing Finance Authority and has an estimated total development cost of $17.6 million. Hunt Capital Partners facilitated the investment of over $12 million in tax credit equity through its proprietary tax credit investment fund with JPMorgan, Hunt Capital Partners Tax Credit Fund 16. The development team consists of Pennrose Properties, LLC and Montgomery County Housing Authority. The property management firm is Pennrose Management Company and the general contractor is Harkins Builders, Inc.
“Our team is elated to partner with JPMorgan to bring quality, affordable housing to families in Pennsylvania that will be sustainable for decades to come,” said Dana Mayo, executive managing director of Hunt Capital Partners. “The fund will provide the means to rehabilitate 34 units of Crest Manor’s public housing units that were in critical need of repair and create 12 new units.”
Originally built in 1962, Crest Manor currently includes 40 public housing units, a community building and a maintenance facility. This Project will substantially rehabilitate 15 existing two-story duplex buildings as well demolish seven buildings, including two two-story buildings, three one-story buildings, the community building and the maintenance facility.Three multi-unit buildings and a combined community and maintenance building will also be constructed.
When the renovations are complete, families will experience an array of new unit features including new carpeting, blinds, patios and balconies. Kitchens will have EnergyStar appliances, including ranges, ovens, refrigerators, dishwashers, light fixtures, energy-efficient heating/ventilation/central air conditioning, replacement windows and entrances, and in-unit washer and dryers.Other property amenities include exterior trash corral for trash and recycling bins, and a combined community, management and maintenance building. The community will also enjoy a new computer lab, tot lot, playground and social room.
Supportive services will be offered to address resident needs, enhance the overall quality of life and increase self-sufficiency. The services are designed to improve life skills, employment, education, income and asset building, child and youth development, community building and resource accessibility. They will also aim to better a family’s ability to uphold their lease obligation, which will stabilize tenant occupancy.
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.