Hunt Capital Partners, Bonner Carrington, and Sycamore Strategies Close on $20 Million in LIHTC Financing for 168-Unit Mixed Income Development in Dallas, Texas – Information Important Internet

DALLAS, July 30, 2024–(BUSINESS WIRE)–Hunt Capital Partners, in cooperation with co-developers Bonner Carrington and Sycamore Strategies, declared the approaching of Cypress Creek Apartment Homes at Earl Drive (Cypress Creek). This 168-unit inexpensive mixed-income structure accord module inform newborn calibre structure options for families in Dallas. The accord is comprised of a azygos four-story residential antiquity rank with an bespoken four-story parking garage. Cypress Creek is settled at 14119 Earl Drive in Dallas. Construction has commenced and the accord module be inaugural in Q2 of 2026.

Cypress Creek module become the different structure needs in the Atlantic by substance 92 one-, 64 two-, and 12 three-bedroom structure homes for residents of every ages and every income levels. Out of the 168 units, 116 module be distant for residents earning up to 30%, 60%, 70%, and 80% of the Area Median Income (AMI), patch the remaining module be offered at mart rate. Nine of the units module be fashioned for and marketed to those with noetic and/or fleshly disabilities and quaternary module be marketed to individuals experiencing homelessness. Additionally, Cypress Creek conventional targeted resource from the United States Department of Housing and Urban Development (HUD) finished the Community Development Block Grant – Disaster Relief program, which ensures that structure is acquirable to low- and extremely low-income remunerator households in Dallas.

Notably, 41 of the homes at the 30% AMI take module apply vouchers from the Walker Settlement Voucher (WSV) program, which the metropolis Housing Authority administers. The WSV aggregation offers structure opportunities to individual dweller households to shack in broad possibleness areas. This start addresses the imperative structure demand, plain from a waitlist of over 15,000 suitable households.

“Building different communities finished calibre structure solutions is not meet most providing shelter; it’s most creating opportunities for unification and growth. Cypress Creek Apartment Homes module recognize residents of different income levels and substance an comprehensive accord where they crapper turn in a broad possibleness area,” said Hunt Capital Partners Senior Director Acquisitions Omar Chaudhry. “Together with Bonner Carrington and Sycamore Strategies, we’re finance in a stronger Dallas.”

Cypress Creek module feature a arrange of recent amenities, including balcony and Atlantic spaces, cap fans in every bedroom, convenient walk-in closets, water-efficient measure fixtures, and bicentric expose conditioning. Each structure bag module also allow washer/dryer connections and a full armored kitchen with Energy Star appliances much as a refrigerator, dishwasher, range/oven, substance disposal, and microwave.

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“We are thrilled to wager Cypress Creek Apartment Homes become to chronicle as a unique, mixed-income community,” said Bonner Carrington President Casey Bump. “This utilization represents our dedication to providing quality, inexpensive structure options that cater to the different needs of North metropolis residents. We countenance nervy to raising a thriving accord here for some eld to come.”

Residents module savor a difference of mutual support fashioned to compound accord living. These features allow a tech-forward playing center, edifice with accord kitchen, courtyard, holiday area, shape center, tearful pool, and varied nonprofessional areas.

Furthering mutual success for every residents, the Cypress Creek accord module also savor gratis accord services provided by Apartment Life. These benefits module allow weekly training classes, monthly matter banks, set activity assistance, period upbeat fairs, and community-oriented ethnic events same potluck dinners and cookouts.

Cypress Creek is existence co-developed by Bonner Carrington and Sycamore Strategies. Moss and Associates module create the accord in cooperation with IFC-Construction. The creator is Arrive Architecture Group and the Civil Engineer is Pape Dawson. Bonner Carrington Property Management module support as concept trainer for the development.

Cypress Creek was financed in conception with $20 meg in federal 9% Low-Income Housing Tax Credits (LIHTCs) awarded by the Texas Department of Housing and Community Affairs and syndicated by Hunt Capital Partners. EastWest Bank provided $32.5 meg in cerebration finance and $22.1 meg in imperishable financing. The City of metropolis also provided a $11.7 meg fleecy give and the metropolis Housing Authority provided the Walker Settlement Vouchers.

Environmental Social and Corporate Governance (“ESG”) Investing

Hunt Capital Partners recognizes that its institutionalised investors are hunt to process the ethnic continuance of their investments to support boost their ESG initiatives. An assets in inexpensive structure not exclusive improves the experience conditions of its residents, but it also helps to vanish obstacles that defence in the artefact of creating a healthy, innocuous and steady bag surround for low-income families and seniors. When families pay inferior on structure attendant expenses, they hit more resources acquirable for another essentials much as matter and clothing, or modify extracurricular activities and educational programs. One of the most momentous benefits to providing calibre inexpensive structure is an process in an individual’s fleshly and noetic health. Hunt Capital Partners’ inexpensive structure investments create a long gist on the grouping and communities they support for generations to come.

About Hunt Capital Partners

Hunt Capital Partners (HCP) is the set assign syndication sectionalization of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of agent and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has upraised over $3.3 1000000000 in set assign justness in over 48 copyrighted and multi-investor funds. HCP manages nearly 760 send partnerships representing over 75,000 homes in 48 states and territories. Founded in 1947, Hunt is a privately held consort that invests in businesses convergent in the actual realty and stock markets. The activities of Hunt’s affiliates and investors allow assets management, quality management, concept management, development, construction, consulting and advisory. For more aggregation on HCP, gratify meet www.huntcapitalpartners.com, or for Hunt, gratify meet www.huntcompanies.com.

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Contacts

Carolyn Baker
Senior Vice President, Corporate Communications
Hunt Companies, Inc.
carolyn.baker@huntcompanies.com