Mears Development and Construction Inc. and Harris284 Team Inc. have received $11 million in federal low-income housing tax credit equity financing for the construction of Residences at Lake Waco, a 90-unit senior community in Waco, Texas.
Hunt Capital Partners provided the LIHTC equity through Hunt Capital Partners Tax Credit Fund 32, its proprietary investor fund with BancorpSouth Bank. Other financing sources for the $15.2 million project include an $8.9 million construction loan from BancorpSouth and a $3.5 million Fannie Mae fixed-rate loan commitment from Regions Bank.
Construction started in August 2020 on the partially affordable development catering to adults aged 55 and older, with expected completion in January 2022. Crossroads Housing Development Corp. is the general contractor for the project, which was designed by Brownstone Architects & Planners Inc., with Brownstone Residential LLC serving as property manager.
A senior community in the making
Residences at Lake Waco will take shape at 1550 W. Highway 6. Upon completion, the senior community will consist of two three-story residential buildings with one- and two-bedroom floorplans. Of the total, 79 units will be set aside for households earning up to 30, 50 and 60 percent of the area’s median income, while the remainder will be market rate. Additionally, six units will cater to the mobility impaired and three more units will be set aside for the hearing and/or visually impaired.
Community amenities will include a business center, clubhouse, fitness center, picnic area and swimming pool. Supportive resident services could feature daily transportation, financial planning courses, weekly exercise classes, health and nutritional courses, on-site social events and more.
The 7-acre development site is some 5 miles southwest of downtown Waco, adjacent to Bosque Square Shopping Center. The immediate area includes several health-care providers such as Meadowlake Medical Center, Heart Hospital and Ascension Providence.
In June, Hunt Capital Partners provided almost $13 million in LIHTC equity for the construction of an 88-unit partially affordable senior community in Fort Worth, Texas. The $19.1 million project is slated for an August 2021 completion.