Hunt Capital Partners, in collaboration with Providence Housing Development Corporation, announced the financial closing of Durand Senior Apartments, a new construction, low-income housing tax credit (LIHTC) development for seniors 55 and older located at 4225 Culver Road and 4250 Culver Road in Irondequoit, N.Y. The development involves the demolition of two former church buildings and the construction of two residential buildings. Upon completion, the development will offer 70 new units, comprising 64 LIHTC units and six middle-income units.
Developing affordable housing that can accommodate the aging baby boomer generation is a critical need throughout the United States. By 2035, the U.S. population aged 65 and over will increase from 48 million to 79 million and “one in three households will be headed by someone in that age group,” as reported by the Harvard Joint Center for Housing Studies in Projections and Implications for Housing a Growing Population: Older Adults 2015-2035. Durand Senior will serve to improve the quality of life for seniors by creating affordable and quality mixed-income housing in an area where new senior housing development is limited. It will also provide safe housing for those who are in the frail elderly as well as the hearing, vision and mobility-impaired populations. As a result, Durand Senior will provide an environment whereby seniors will feel a sense of independence and comfortably be able to age in place.
“The necessity and demand for affordable housing for seniors is evident,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “We are proud to collaborate with our investment partner, J.P. Morgan, to take a step toward meeting this nationwide need with the development of Durand Senior.”
Durand Senior, whose groundbreaking will take place in Q1 2018 and in which construction is estimated for completion by December 2018, will feature a three-story residential building with 40 units and a two-story building with 30 units. The development will offer a total of 65 one-bedroom and five two-bedroom units set aside for seniors 55 and older earning up to 50, 60 and 80 percent of the area median income. Eleven of the 70 units will be set aside for the frail and elderly who require assistance with one or more activities essential to daily living. Specifically, there will be seven units for individuals with limited mobility issues and three units for individuals with visual or hearing impairment.
In addition to the standard apartment amenities, each unit will have emergency call systems, hand rails and grab bars. Community areas include a kitchen, activity room and laundry facilities as well as on-site resident services and management offices. The property will also include approximately 4,600 square feet of commercial space in the 4250 Culver Road building that will be leased to St. Ann’s Community, a leading senior housing and health service provider, who will run an adult day care facility on-site.
Durand Senior has an estimated total development cost of $17.56 million. The development was awarded $11.9 million in 9% federal LIHTCs and $3.4 million in New York state LIHTCs. Hunt Capital Partners facilitated the investment of federal and state tax credit equity by J.P. Morgan Capital Corporation through its proprietary fund, Hunt Capital Partners Tax Credit Fund 16.
Notable partners for Durand Senior include Providence Durand Senior Apartments, Inc. as the general partner; Providence Housing Development Corporation as the guarantor, developer and property manager; LECESSE Construction as the general contractor; SWBR Architects and Engineers PC as the architect; Stantec Consulting as the engineer; and Oxford Consulting, Inc. as the consultant.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the syndication of Federal and State Low-Income Housing, Historic and Solar Tax Credits. Since the successful launch of its first fund in the fall of 2011, HCP has raised over $1.4 billion in tax credit equity. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investees include investment management, mortgage banking, direct lending, loan servicing, asset management, property management, development, construction, consulting and advisory. For more information on Hunt Capital Partners, please visit www.huntcapitalpartners.com, or for Hunt Companies, please visit www.huntcompanies.com.
