Hunt Capital Partners announced the financial closing for a new affordable housing development for seniors in Irondequoit, N.Y.
Durand Senior Apartments involves the demolition of two former church buildings and the construction of two residential buildings. The development will provide 70 new homes, comprising 64 low-income housing tax credit (LIHTC) units and six middle-income units.
The latest project by Providence Housing Development Corp., Durand Senior aims to improve the quality of life for seniors by creating affordable and quality mixed-income housing in an area where new senior housing development is limited. It will also provide safe housing for those who are in the frail elderly as well as the hearing, vision and mobility-impaired populations.
“The necessity and demand for affordable housing for seniors is evident,” says Dana Mayo, executive managing director at Hunt Capital Partners. “We are proud to collaborate with our investment partner, J.P. Morgan, to take a step toward meeting this nationwide need with the development of Durand Senior.”
The project is expected to break ground during the first quarter of 2018 and be completed by December. It will feature a three-story residential building with 40 units and a two-story building with 30 units. There will be 65 one-bedroom and five two-bedroom units set aside for seniors 55 and older earning up to 50%, 60%, and 80% of the area median income.
Eleven units will be set aside for the frail and elderly who require assistance with one or more activities essential to daily living. Specifically, there will be seven units for individuals with limited mobility issues and three units for individuals with visual or hearing impairment.
In addition to the standard apartment amenities, each unit will have emergency call systems, hand rails, and grab bars. Community areas include a kitchen, an activity room, and laundry facilities as well as on-site resident services and management offices.
The property will include approximately 4,600 square feet of commercial space that will be leased to St. Ann’s Community, a leading senior housing and health service provider, who will run an adult day-care facility on-site.
Durand Senior has an estimated development cost of $17.56 million. The development was awarded $11.9 million in 9% federal LIHTCs and $3.4 million in New York state housing tax credits. The syndication division of Hunt Cos., Hunt Capital Partners facilitated the investment of federal and state tax credit equity by J.P. Morgan Capital Corp. through a proprietary fund.
Other partners include Providence Durand Senior Apartments, Inc., as the general partner; Providence Housing Development Corp. as the guarantor, developer and property manager; LECESSE Construction as the general contractor; SWBR Architects and Engineers as the architect; Stantec Consulting as the engineer; and Oxford Consulting as the consultant.