LOS ANGELES, April 4, 2019 – Hunt Capital Partners committed $13.2 million in federal low-income housing tax credit, federal historic tax credit and state historic tax credit equity financing for Preservation Crossing. The development is the adaptive reuse of Old Hattiesburg High School in Hattiesburg, Miss. into 74 affordable housing units for seniors who earn between 30 and 60 percent of the area median income.
Old Hattiesburg High School was first constructed in 1911 and operated as a school until 1959. It was later designated as a Mississippi landmark before being added to the National Register of Historic Places in 1987. By 2010, the Historic Hattiesburg Downtown Association had acquired the facility and started rehabilitation, but it was not able to continue reconstruction. Preservation Crossing is a significant milestone for the association as it realizes the organization’s long-awaited dream of fully restoring the building.
“We are glad to invest in Preservation Crossing,” said Hunt Capital Partners’ Executive Managing Director Dana Mayo. “Not only will this development preserve a key landmark in Hattiesburg, but it also expands affordable housing options for seniors in the region.”
The development team, consisting of Southeast IV Development, Wallace Architects and Harris Construction Services, commenced construction on Preservation Crossing in late February. Construction is scheduled for completion in late 2019. Preservation Crossing will maintain its Victorian brick exterior, and once renovated, it will provide 56 one-bedroom and 18 two-bedroom units with modern appliances for seniors ages 55 and older. Seven of those units will also have a leasing priority for the disabled. Preservation Crossing’s ground floor will feature 20 units as well as a community room, kitchen, dining area, fitness room, business center, laundry room, management office and gazebo. The second and third floors will have 27 units each as well as community laundry rooms.
The total development cost for Preservation Crossing is $15.5 million. Hunt Capital Partners facilitated the federal LIHTC and federal historic tax credit equity through its proprietary investor fund, Hunt Capital Partners Tax Credit Fund 30; the firm also facilitated the state historic tax credit equity through its proprietary investor fund with Monarch Private Capital. Mississippi Home Corporation provided $500,000 through its Housing Trust Fund. Key Bank provided a construction loan of $10.3 million, and Financial Institutions Housing Opportunity Pool provided a permanent loan of $1 million.
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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