LOS ANGELES, August 29, 2019 – Hunt Capital Partners announced the closing of $4.49 million in low-income housing tax credit and solar tax credit equity financing for the acquisition and rehabilitation of McMullen Square, located in San Antonio, Texas. Originally constructed in 1969 and first rehabilitated in 2003, McMullen Square features nine buildings, including six two-story and two single-story residential structures along with a leasing office and laundry facilities.
“The cost of housing is continually rising in San Antonio,” said Hunt Capital Partners’ Executive Managing Director Dana Mayo. “Investing in McMullen Square allows updates to be made to the property that will ensure the development’s longevity at an affordable price point for tenants.”
The McMullen Square project is a tenant-in-place rehabilitation. Construction began in July 2019 and is scheduled for completion in January 2020. When finished, the development will provide 100 renovated LIHTC units for households earning up to 50 and 60 percent of the area median income. McMullen Square also features on-site management, a playground, picnic area, and 148 parking spaces for community residents. A new photovoltaic system will provide electricity for common areas at the property.
The total development cost for McMullen Square is $14.28 million. Hunt Capital Partners facilitated the investment of federal tax credit equity through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 27. The Texas Department of Housing & Community Affairs issued tax-exempt bonds, which were purchased by JPMorgan Chase to provide a $10 million construction loan, and Cedar Rapids Bank & Trust provided a commitment to purchase $7.6 million of the tax-exempt bonds to provide permanent financing. The Texas Department of Housing & Community Affairs also provided $500,000 of subordinate construction and permanent financing via its Tax Credit Assistance Program Repayment program. TCD McMullen, LP provided a $500,000 seller loan.
Triton Community Development, LLC, is the developer. Day Builders, Inc. is the general contractor, and Alpha-Barnes Real Estate Services, LLC is 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 $1.9 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.