Construction has started on a senior housing development that’s been 13 years in the making in Mansfield, Texas.
Hunt Capital Partners announced that it is providing $13.8 million in low-income housing tax credit equity for the construction of Bethlehem’s Pioneer Place, which will provide 135 units for residents 55 and older. The development realizes a long-standing vision of local Bethlehem Baptist Church to provide affordable, accessible housing for the community’s aging residents.
Historic West Mansfield Texas Community Development Corp., a nonprofit affiliate of Bethlehem Baptist Church, is the co-developer and general contractor for Pioneer Place. Carleton Residential Properties is the other co-developer.
Bethlehem Baptist Church, a historic predominantly African-American church that was founded in 1870, began the initial work for this development in 2005. The financial support from Hunt Capital Partners and J.P. Morgan Capital Corp. played a significant role in helping the project become a reality after a 13-year journey.
There are no other affordable housing options for seniors in the immediate neighborhood surrounding the church, and Pioneer Place helps low-income residents find housing and stay in the neighborhood, according to officials.
“Pioneer Place will greatly improve the quality of life for Mansfield’s seniors,” said Dana Mayo, Hunt Capital Partners executive managing director. “We are proud to invest in Pioneer Place, and we thank our partner, J.P. Morgan, for their continued support for affordable housing initiatives.”
Pioneer Place is scheduled for completion by summer 2019. When finished, it will be a three-story building serviced by an elevator. Its 135 units will consist of a mix of one- and two-bedroom apartments restricted to seniors 55 and older who earn up to 30%, 50%, and 60% percent of the area median income. The residents will also enjoy community amenities, including an exercise facility, a library, a salon, a community courtyard, and central laundry facilities. A service coordinator will also facilitate classes and events for the tenants.
The total development cost for Pioneer Place is $19.9 million. Hunt Capital Partners facilitated the investment of federal tax credit equity by J.P. Morgan through its proprietary fund, Hunt Capital Partners Tax Credit Fund 26.
BGO Architects designed the development. Carleton Residential Properties’ affiliates, Carleton Management Services, LLC, and Treymore Construction, LLC, are the property manager and prime subcontractor, respectively.
