Hunt Capital Partners Syndicates LIHTC for Dallas Rehab
The $33 million adaptive reuse project is converting a former nursing home property.
Sycamore Development and ASD – A Home for Life closed on the $33 million rehabilitation of The Meadow, a 75-unit permanent supportive housing project converting a former nursing home facility in Dallas.
Hunt Capital Partners syndicated $20 million in LIHTC through its Tax Credit Fund 52, which closed last December with a balance of $175.3 million, aiming to support the creation or rehabilitation of 18 projects consisting of 1,540 units.
The Meadow’s affordable capital stack also included a $21 million note from Huntington National Bank and a soft loan of $13.5 million from the City of Dallas.
Units will be reserved for households earning up to 30, 50 and 60 percent of the area median income. Additionally, 38 units will benefit from Section 8 rental assistance.
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Social services such as a workforce development program will be available. Residents will include individuals and families impacted by homelessness, people living with HIV, veterans with disabilities, substance abuse victims and those under protection through the Violence Against Women Act.
The adaptive reuse project consists of the conversion of a 2016-built nursing facility that went into foreclosure due to the pandemic’s effects, according to a Hunt Capital Partners company statement.
Located at 8130 Meadow Road, the project is inside Dallas’ Vickery Meadow, a neighborhood predominantly consisting of multifamily construction. Several transit stops and parks are within walking distance.
Another income-restricted property is less than 1 mile away, featuring affordable units at 80 and 140 percent AMI under the Texas Housing Finance Corporations Act. Waterford, Northern Liberties and Vistria Group own the 395-unit community dubbed Domain at Midtown Park, according to Yardi Matrix data.
Hunt’s recent rehabilitation syndication deals
Hunt Capital Partners has raised more than $4.3 billion in tax credit equity since its inception in 2010. Earlier this month, the company syndicated $19.4 million in both state and federal tax credits for another rehabilitation project. Fulson Housing Group, Select Development and Kansas City Kansas Housing Authority lead the 64-unit rehab in Kansas City, Mo.
And in September, Hunt Capital Partners syndicated $9.1 million in federal LIHTC for another Kansas City rehabilitation. Riverstone Platform Partners and Kansas City Metropolitan Lutheran Ministry spearhead the renovation of the 55-unit, 1923-built community.
