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$11M in LIHTC Funds Waco Seniors Complex
Hunt Capital Partners, in collaboration with co-developers Mears Development and Construction Inc. and Harris284 Team Inc., closed on $11 million in federal low-income housing tax credit (LIHTC) equity financing for the new construction of the Residences at Lake Waco, in Waco. A 2022 completion date is expected for the 90-unit seniors complex.
“A recent study by the Harvard University Joint Center for Housing Studies reported that almost 49% of Waco area renters pay more than 30% of their income toward housing,” said Hunt Capital Partners’ Dana Mayo. “The construction of Residences at Lake Waco will help alleviate the cost burden for many seniors.”
The total development cost for Residences at Lake Waco is $15.17 million. Hunt Capital Partners facilitated the investment of LIHTC equity through its proprietary investor fund with BancorpSouth Bank.
BancorpSouth also provided an $8.9-million construction loan. Regions Bank provided a $3.45-million permanent Fannie Mae Multifamily fixed-rate loan commitment.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
