LOS ANGELES, May 2, 2019 – Hunt Capital Partners announced the closing of $14.3 million in low-income housing tax credit equity financing for the acquisition and rehabilitation of Willow Key Apartments in Orange County, Orlando, FL. Hunt Capital Partners’ equity investment helped LIH Willow Key GP, LLC acquire the apartment complex from Picerne Real Estate Group and fund substantial upgrades to the complex’s 384 units and community amenities.
Originally constructed in 1999, Willow Key Apartments features 15 garden-style buildings on 21 acres of land. Once updates are completed in December 2019, Willow Key Apartments will provide 196 two-bedroom, 148 three-bedroom and 40 four-bedroom units for low-income families who earn up to 60 percent of the area median income. Twenty of these apartments will be accessible units, and 10 of these units will be designed for the hearing and vision impaired.
“Nearly 110,000 households are rent-burdened in Orange County in Florida,” said Hunt Capital Partners’ Executive Managing Director Dana Mayo. “While constructing more affordable housing is key, it is equally important to preserve existing affordable housing properties like Willow Key Apartments. We are pleased our investment can help make this possible.”
The Willow Key Apartments project is a tenant-in-place rehabilitation, except for the 20 accessible units, in which LIH Willow Key GP will manage the temporary relocation of these residents. Hard construction costs for the total renovation equals $7.65 million. When finished, the apartments will feature new kitchen and bathroom countertops, Energy Star appliances, direct expansion split systems, and light fixtures. Accessible units will contain new toilets and kitchen faucets, and 10 of these units will feature hardwired doorbells for hearing and vision impaired residents. Site improvements will include new landscaping and roofing as well as repairs to the parking lot asphalt, gutters, downspouts and exterior painting. Updates to community amenities will result in a new rubber surface for the playground area, relocating the BBQ area, the installation of two new pool lifts, and upgrades to pool gate hardware and kick plate.
The total development cost for Willow Key Apartments is $55 million. Hunt Capital Partners invested $14.3 million in LIHTC equity, CBRE provided $30.4 million in construction to permanent financing, and the general partner invested $4.1 million. The development team comprises Willow Key Developer, LLC, Wilshire Pacific Builders, Mark Anderson Architects Inc. (DBA Pacific Rim Architects), and RAM Partners, LLC (as 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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