LOS ANGELES, Dec. 11, 2018 – Hunt Capital Partners announced today the closing of $34 million in federal low-income housing tax credit (LIHTC) equity financing for the new construction of Art Ridge Village Homes on Saipan. Set to be constructed as a seven-story high-rise building, Art Ridge Village Homes will provide 48 affordable housing three-bedroom units to families earning up to 60 percent of the area median income.
Located 120 miles Northeast of Guam, Saipan is home to 48,000 residents. Saipan is a U.S. territory in the western Pacific Ocean and the largest of the Northern Mariana Islands, which was recently hit by Category 5 Typhoon Yutu in October 2018. Reported to be the worst storm to hit the U.S. since 1935, Yutu destroyed 462 homes on the island of Saipan. Damage from the storm has only elevated the need for safe and secure affordable housing.
“Art Ridge Village Homes will be an important affordable housing community for families across the island,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “Its notable typhoon-resistant features will provide enhanced tenant safety and greater peace of mind. We also want to thank our primary investors, First Hawaiian Bank and Bank of Hawaii, for partnering with us on this development.”
When completed in December 2019, Art Ridge Village Homes will be built to withstand typhoons and earthquakes typical to the region. The building itself will be constructed of reinforced concrete and impact-resistant windows capable of enduring impacts of at least 175 mph. There will be a 50,000-gallon water reservoir and backup generator with a 3,000-gallon propane fuel tank. These features enable the building to continue to provide power and running water for about a week in the event public utilities are down following a major storm.
The total development cost for Art Ridge Village Homes is $35 million. Hunt Capital Partners facilitated the investment of federal tax credit equity through multiple proprietary funds, including Hunt Capital Partners Tax Credit Fund 28 with First Hawaiian Bank as well as Hunt Capital Partners Tax Credit Fund 29 with the Bank of Hawaii. First Hawaiian Bank provided construction financing for the transaction via a $27.9 million construction loan.
Triple J Enterprises Inc., its subsidiaries and its affiliates are serving as the developer, guarantor, general contractor, and property manager of the development. Black Micro Corporation is the prime subcontractor. The project architect is Mark Ruth, principal at Taniguchi Ruth Makio Architects.
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.