Saigebrook Development Scores Financing for Texas Senior Project
- Jun 05, 2020
Saigebrook Development has obtained $12.9 million in federal low-income housing tax credit equity financing for the construction of Everly Plaza, an 88-unit partially affordable, senior community in Fort Worth, Texas.
Hunt Capital Partners provided the financing through its proprietary fund, Hunt Capital Partners Tax Credit Fund 26. The development team includes general contractor EP Residential Construction and architect DOMUS Studio Group Inc. The $19.1 million project is slated for an August 2021 completion.
Located at 1801 Eighth Ave., Everly Plaza will consist of nine market-rate and 79 affordable housing units, all restricted to seniors aged 62 years and over. The affordable units will cater to households earning up to 30, 50, and 60 percent of the area median income.
Other financing sources for the development include a $4.6 million construction to permanent loan through the U.S. Housing and Urban Development 221(d)(4) program provided by Mason Joseph Co., and a $1 million construction to permanent HOME loan granted by the City of Fort Worth.
The future senior community
Upon completion, Everly Plaza will consist of a four-story building with one- and two-bedroom apartments. Eight of the LIHTC units will be set aside as Permanent Supportive Housing for formerly homeless residents and five units will have a leasing priority for persons with special needs. Amenities will include a 3,400-square-foot community space with an artist gallery space and media room, as well as a business center, fitness center and clubhouse. Accolade Property Management Inc. will serve as property manager.
The community could also provide supportive services for all tenants such as daily transportation, English as a second language classes, quarterly financing planning courses and an annual health fair. Additionally, The Tarrant County Homeless Coalition will supply tenant-based vouchers and any needed case management or services for the eight Permanent Supportive Housing units.
The development site is some 3 miles southwest of downtown Fort Worth in the Medical District.