Hunt Capital Partners, Bonner Carrington, and Sycamore Strategies Close on $20 Million in LIHTC Financing for 168-Unit Mixed Income Development in Dallas, Texas
July 30 2024 - 10:00AM
Business Wire
Hunt Capital Partners, in collaboration with co-developers
Bonner Carrington and Sycamore Strategies, announced the closing of
Cypress Creek Apartment Homes at Montfort Drive (Cypress Creek).
This 168-unit affordable mixed-income housing community will
introduce new quality housing options for families in Dallas. The
community is comprised of a single four-story residential building
complete with an attached four-story parking garage. Cypress Creek
is located at 14119 Montfort Drive in Dallas. Construction has
commenced and the community will be opening in Q2 of 2026.
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Cypress Creek will address the diverse housing needs in the area
by offering 92 one-, 64 two-, and 12 three-bedroom apartment homes
for residents of all ages and all income levels. Out of the 168
units, 116 will be reserved for residents earning up to 30%, 60%,
70%, and 80% of the Area Median Income (AMI), while the remaining
will be offered at market rate. Nine of the units will be designed
for and marketed to those with mental and/or physical disabilities
and four will be marketed to individuals experiencing homelessness.
Additionally, Cypress Creek received targeted funding from the
United States Department of Housing and Urban Development (HUD)
through the Community Development Block Grant – Disaster Relief
program, which ensures that housing is available to low- and
extremely low-income renter households in Dallas.
Notably, 41 of the homes at the 30% AMI level will utilize
vouchers from the Walker Settlement Voucher (WSV) program, which
the Dallas Housing Authority administers. The WSV program offers
housing opportunities to African American households to reside in
high opportunity areas. This initiative addresses the pressing
housing demand, evident from a waitlist of over 15,000 eligible
households.
“Building diverse communities through quality housing solutions
is not just about providing shelter; it’s about creating
opportunities for connection and growth. Cypress Creek Apartment
Homes will welcome residents of various income levels and offer an
inclusive community where they can prosper in a high opportunity
area,” said Hunt Capital Partners Senior Director Acquisitions Omar
Chaudhry. “Together with Bonner Carrington and Sycamore Strategies,
we’re investing in a stronger Dallas.”
Cypress Creek will feature a range of modern amenities,
including balcony and patio spaces, ceiling fans in every bedroom,
spacious walk-in closets, water-efficient plumbing fixtures, and
central air conditioning. Each apartment home will also include
washer/dryer connections and a fully equipped kitchen with Energy
Star appliances such as a refrigerator, dishwasher, range/oven,
garbage disposal, and microwave.
“We are thrilled to see Cypress Creek Apartment Homes come to
life as a unique, mixed-income community,” said Bonner Carrington
President Casey Bump. “This development represents our commitment
to providing quality, affordable housing options that cater to the
diverse needs of North Dallas residents. We look forward to
fostering a thriving community here for many years to come.”
Residents will enjoy a variety of shared amenities designed to
enhance community living. These features include a tech-forward
business center, clubhouse with community kitchen, courtyard,
picnic area, fitness center, swimming pool, and versatile
recreational areas.
Furthering shared success for all residents, the Cypress Creek
community will also enjoy complimentary community services provided
by Apartment Life. These benefits will include weekly exercise
classes, monthly food banks, tax preparation assistance, annual
health fairs, and community-oriented social events like potluck
dinners and cookouts.
Cypress Creek is being co-developed by Bonner Carrington and
Sycamore Strategies. Moss and Associates will construct the
community in cooperation with IFC-Construction. The architect is
Arrive Architecture Group and the Civil Engineer is Pape Dawson.
Bonner Carrington Property Management will serve as property
manager for the development.
Cypress Creek was financed in part with $20 million 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 million in
construction financing and $22.1 million in permanent financing.
The City of Dallas also provided a $11.7 million soft loan and the
Dallas Housing Authority provided the Walker Settlement
Vouchers.
Environmental Social and Corporate Governance (“ESG”)
Investing
Hunt Capital Partners recognizes that its institutional
investors are seeking to increase the social value of their
investments to help further their ESG initiatives. An investment in
affordable housing not only improves the living conditions of its
residents, but it also helps to remove obstacles that stand in the
way of creating a healthy, safe and stable home environment for
low-income families and seniors. When families spend less on
housing related expenses, they have more resources available for
other essentials such as food and clothing, or even extracurricular
activities and educational programs. One of the most significant
benefits to providing quality affordable housing is an increase in
an individual’s physical and mental health. Hunt Capital Partners’
affordable housing investments create a lasting effect on the
people and communities they serve for generations to come.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the tax credit syndication
division of Hunt Companies, Inc. (Hunt). HCP specializes in the
sponsorship of Federal and State Low-Income Housing, Historic, and
Solar Tax Credit Investments funds. Since its inception in 2010,
HCP has raised over $3.3 billion in tax credit equity in over 48
proprietary and multi-investor funds. HCP manages almost 760
project partnerships representing over 75,000 homes in 48 states
and territories. Founded in 1947, Hunt is a privately held company
that invests in businesses focused in the real estate and
infrastructure markets. The activities of Hunt’s affiliates and
investors include investment management, asset management, property
management, development, construction, consulting and advisory. For
more information on HCP, please visit www.huntcapitalpartners.com,
or for Hunt, please visit www.huntcompanies.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240730190683/en/
Carolyn Baker Senior Vice President, Corporate Communications
Hunt Companies, Inc. carolyn.baker@huntcompanies.com