FINDLAY, Ohio — Hunt Capital Partners, in collaboration with Pennrose and Blanchard Valley Health System (BVHS), has arranged $7.3 million in federal low-income housing tax credit (LIHTC) equity financing for construction of Eastern Woods Senior Apartments.
Located on 3.7 acres in Findlay, approximately 45 miles south of Toledo, the community will offer 50 affordable housing units. Residents must be 55 or older and earn up to 30, 50 and 60 percent of the area median income.
Eastern Woods Senior will be the newest addition to BVHS’ existing Eastern Woods campus, which is a mixed-use development that features medical offices, market-rate apartments and single-family condominiums.
BVHS also runs and operates Birchaven Village, which provides a continuum of care for seniors living in Hancock County and the surrounding areas. Because Eastern Woods Senior will be adjacent to Birchaven Village, residents will have access to Birchaven Village’s services and amenities.
The development team includes Douglas Co. as general contractor, Moody Nolan as project architect and Wallick Communities as the property management agent.
Construction began in early August and is scheduled for completion by June 2021.
The total development cost for Eastern Woods Senior is $9.6 million. Hunt Capital Partners facilitated the federal LIHTCs through its proprietary fund, Hunt Capital Partners Tax Credit Fund 18, with Aetna. RiverHills Bank provided a $2.7 million construction loan and a $1.6 million permanent financing commitment. Ohio Housing Finance Authority provided a $1.3 million construction bridge loan.