IRVING, Texas — Hunt Capital Partners, in partnership with co-developers Saigebrook Development and O-SDA Industries, has closed $8.4 million in federal low-income housing tax credit equity financing for the construction of Canova Palms.
Located in the Dallas suburb of Irving, the three-story property will feature 58 units. Of those, 50 will be reserved for seniors who earn up to 30, 50, and 60 percent of the area median income. The other eight apartments will be market-rate units.
In collaboration with the Texas Department of Housing and Community Affairs, 10 of the units will use the Section 811 Project Rental Assistance Program, which offers partial rents for low-income individuals with long-term disabilities.
“Canova Palms is located in a prime location as it is less than two miles away from a local grocery store, pharmacy, bank, senior center and hospital,” says Dana Mayo, executive managing director for Hunt Capital Partners.
Construction for Canova Palms began on May 14 and is scheduled for completion in May 2020. Supportive services will be provided at no charge to tenants.
The total development cost for Canova Palms is $11.7 million. Hunt Capital Partners syndicated the federal LIHTCs to BBVA Compass Bank through its proprietary fund, Hunt Capital Partners Tax Credit Fund 23. BBVA also provided $8 million in construction financing and $2.2 million in permanent financing. The City of Irving also contributed a $1 million construction-to-permanent HOME Loan.
Maker Bros. is the general contractor on the project. Miller Slayton Architects Inc. is the project architect, and Accolade Property Management Inc. is the property manager.