LOS ANGELES, June 28, 2018– Hunt Capital Partners closed $9.72 million in low-income housing tax credit (LIHTC) equity financing on June 21 for the new construction of Monarch Estates. Spearheaded by Roundstone Development, LLC, Monarch Estates will provide 80 units for seniors 55 and older in Uvalde, Texas. This is the first LIHTC senior development in Uvalde County.
Home to about 27,000 residents, Uvalde County is a primarily rural area about 100 miles west of San Antonio. According to the United States Census Bureau, approximately 25 percent of people in Uvalde County live in poverty. Currently, there are no other affordable housing complexes for seniors in the area, making Monarch Estates a key development for the community.
“We are glad to invest in Monarch Estates and bring affordable housing for seniors to Uvalde County,” said Hunt Capital Partners Executive Managing Director Dana Mayo.
“Monarch Estates will not only meet a critical need for low-income seniors, but it will also provide a sense of security, guaranteeing seniors do not have to look outside of Uvalde County for accommodation.”
The groundbreaking for Monarch Estates is expected to take place in July 2018, with construction scheduled for completion in July 2019. Upon completion, the 80 units will be restricted to seniors who earn up to 30, 50 and 60 percent of the area median income. The units will be spread across 10 garden-style residential buildings. All units will be furnished with Energy Star appliances, central air conditioning and heating, connections for washers/dryers, and other amenities. Monarch Estates will also include a community clubhouse, featuring a library/meeting room, business center and fitness center. Residents will also benefit from onsite management services.
The total development cost for Monarch Estates is $12.69 million. Hunt Capital Partners facilitated the investment of federal tax credit equity through a multi-investor fund. Roundstone is the developer, and Monarch Estates is the third project in which Roundstone and Hunt Capital Partners have worked together. The development team is also comprised of F & H Construction Company, Inc. as the contractor, Sunchase American Ltd. as the property manager, and Brian Rumsey, NCARB of Cross Architects, PLLC as project architect.
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
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