Hunt Capital Partners, in collaboration with Saigebrook Development, announced the closing of $12.9 million in federal low-income housing tax credit (LIHTC) equity financing for the construction of Everly Plaza.
Located in Fort Worth, Texas, the mixed-use development will provide 88 units comprised of 79 affordable homes and nine market-rate units. All units will be restricted to seniors who are 62 and older, and the affordable units will be income restricted to households who earn up to 30%, 50%, and 60% of the area median income.
Eight units have a “soft" set-aside as permanent supportive housing for the chronically homeless. The Tarrant County Homeless Coalition will strive to provide tenant-based vouchers as well as any needed case management or supportive services for these eight units. Five units will have a leasing priority for persons with special needs. There will be additional supportive services provided to all tenants, which could include programs such as daily transportation, a food pantry, English as a second language classes, quarterly financing planning courses, and an annual health fair provided by a health care professional.
Everly Plaza will feature 3,400 square feet of community space that will contain an artist gallery space, which will be open to the public for showings, and a media room, which can be rented to members of the public for certain events. Other community amenities at Everly Plaza include a business center, a clubhouse, and on-site management.
“We welcome the opportunity to partner with Saigebrook Development on our third project,” said Dana Mayo, executive managing director at Hunt Capital Partners, the syndication division of Hunt Cos. “We are glad that Everly Plaza will increase the amount of affordable housing available to the senior population in the Fort Worth area.”
The total development cost is $19.1 million. Hunt Capital Partners facilitated its investment in the federal tax credits through its proprietary fund, Hunt Capital Partners Tax Credit Fund 26. Mason Joseph Co. provided a $4.6 million construction-to-permanent loan through the Department of Housing and Urban Development Section 221(d)(4) program. The city of Fort Worth provided a $1 million construction to permanent HOME loan.
Saigebrook Development is the project developer, and EP Residential Construction is the general contractor. Maker Bros. is the prime subcontractor. DOMUS Studio Group is the architect, and Accolade Property Management will serve as the management agent.