ULVADE, Texas — Hunt Capital Partners has closed $9.7 million in low-income housing tax credit (LIHTC) equity financing for the development of Monarch Estates, an affordable seniors housing community in Ulvade.
Roundstone Development is planning the 80-unit community. Ulvade is a small, rural town of approximately 27,000 residents located 100 miles west of San Antonio. Monarch Estates will be the first affordable seniors housing community in the area.
Groundbreaking is scheduled to take place later this month for a July 2019 completion. The units will be restricted to seniors who earn up to 30, 50 and 60 percent of the area median income. The units will be spread across 10 garden-style residential buildings.
The total development cost for Monarch Estates is $12.7 million. Hunt Capital Partners facilitated the investment of federal tax credit equity through a multi-investor fund.
Roundstone is the developer, and Monarch Estates is the third project in which Roundstone and Hunt Capital Partners have worked together. The development team is also comprised of F & H Construction Co. as the contractor, Sunchase American Ltd. as the property manager, and Brian Rumsey, NCARB of Cross Architects, PLLC as project architect.