Hunt Capital Partners, in partnership with developer Urban Housing Communities (UHC), announced the closing of $25.98 million in federal low-income housing tax credit equity and $12.9 million in Hawaii state tax credit equity financing for the construction of Kaiwahine Village in Kihei, Hawaii.
Located on the island of Maui, Kaiwahine Village will provide 118 affordable housing units to families earning up to 30%, 40%, and 60% of the area median income. This is the fourth transaction Hunt Capital Partners and UHC have worked together on in Hawaii.
“Kaiwahine Village will bring much-needed affordable housing to Maui,” said Dana Mayo, executive managing director at Hunt Capital Partners. “We are pleased to invest in this development, and we are happy to partner with UHC once again.”
Located in a primarily residential neighborhood, Kaiwahine Village will provide two- and three-bedroom units as well as two employee units. Upon completion in early 2020, the property will feature central laundry facilities and recreation areas with a clubhouse, a courtyard, and a parcourse. Residents will also benefit from social and education programs, sponsored by nonprofit managing general partner Ikaika Ohana, that will be offered at the on-site community room or from the surrounding schools and community centers.
The total development cost for Kaiwahine Village is $62.76 million. In addition to the housing tax credit equity provided by Hunt Capital Partners, the financing for the project includes a $33.18 million construction loan and a $7.03 million permanent loan from Citi Community Capital. Hawaii Housing Finance and Development Corp. provided a Rental Housing Revolving Fund loan of $19.7 million. The county of Maui provided $2.25 million in the form of a HOME loan as well as $1.35 million from the Rental Housing Trust Fund program.
Moss & Associates is the master contractor. Design Partners Incorporated is the architect, and Big Island Housing Foundation is the property management agent.