Hunt Capital Partners Invests in Landmark Redevelopment Deal with the Housing Authority of the City of El Paso (HACEP)
EL PASO, Texas,Feb. 4, 2016 –Hunt Capital Partners announced the ground breaking for Tays South Community(“Tays”) on Feb. 1, 2016. Tays is located in the Chamizal neighborhood of El Paso, Texas. The project, which is scheduled for completion by the end of 2016,will provide 198 newly constructed garden-style units for low-income families.
Built in 1941,the existing Tays public housing project is located in one of the oldest areas of El Paso and was in critical need of repairs.The redevelopment of the project, part of the Chamizal Neighborhood Revitalization Strategy adopted by El Paso City Council, includes the demolition of 81 existing public housing units and new construction of198 high-quality affordable housing units. In addition to the new housing units, community facilities including a clubhouse and children’s play area will also be constructed.
“We are deeply committed to providing more affordable housing opportunities for the residents of El Paso and are proud to partner with HACEP on this landmark project,” said Jeff Weiss, president of Hunt Capital Partners.“The redevelopment of Tays will positively impact the community for years to come. We are thrilled to have played a role in providing funding for the project.”
Tays was awarded $13.55 million in federal LIHTCs from the Texas Department of Housing and Community Affairs and has an estimated total development cost of $30 million.Hunt Capital Partners facilitated the investment of over $13 million in tax credit equity through its national multi-investor fund,Hunt Capital Partners Tax Credit Fund 14. The development team consists of Carleton Development Ltd. as co-developer and guarantor; and HACEP and its subsidiaries, as ground lessor, acquisition loan lender, co-developer, guarantor and property manager. Citibank provided construction and 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 $1.4 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.