Hunt Capital Partners, in partnership with Fulson Housing Group, Select Development, and Kansas City Kansas Housing Authority (KCKHA), has announced the financial closing of Chalet Manor Apartments, a $21.3 million rehabilitation development located at 1601 Birch Street in Kansas City, Wyandotte County, Kansas.
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Existing buildings. Photo Credits: Hunt Capital Partners
“Hunt Capital Partners is proud to participate in the preservation and renovation of Chalet Manor with Fulson Housing Group, Select Development, KCKHA and UMB Bank,” said Jeff Weiss, President of Hunt Capital Partners. “Following its renovation, Chalet Manor will continue to provide quality affordable housing to 64 of Kansas City’s families in need.”
The development, led by Fulson Housing Group and Select Development, will renovate existing public housing buildings that were originally constructed in 1971, and were previously renovated in 1988. All 64 homes will be converted through HUD’s Rental Assistance Demonstration (RAD) program, moving the property to a 20-year Project-Based Voucher (PBV) Section 8 contract that secures long-term affordability.
“We are excited to close and start construction on Chalet Manor Apartments,” said Matt Fulson, President of Fulson Housing Group. “We are proud to support the Kansas City Kansas Housing Authority as they continue their important work of providing high quality and affordable housing to residents of Kansas City, Kansas.”
Upon completion, Chalet Manor will offer:
- 64 income-restricted homes: two two-bedroom/one-bath, 54 three-bedroom/one-bath, four four-bedroom/1.5-bath, and four five-bedroom/two-bath units.
- All 64 homes serve households earning up to 60% of Area Median Income (AMI) and benefit from a 20-year Project-Based Voucher Section 8 contract.
- Community amenities include a clubhouse, on-site management, picnic areas, a playground, recreational areas, and service coordination.
“This important milestone represents an exciting new chapter for the Kansas City Housing Authority and reflects our commitment to preserving affordable housing for the families we serve,” said Andrea Tapia, Executive Director and CEO of Kansas City Kansas Housing Authority. “This achievement is the result of extensive planning, coordination, and collaboration among KCKHA staff, residents, board leadership, development consultants, financing partners, legal counsel, and other stakeholders, whose dedication and expertise helped bring this complex transaction to a successful close.”
Financing for the project includes $9.7 million Federal Low-Income Housing Tax Credits and an additional $9.7 million State Low-Income Housing Tax Credits, syndicated by Hunt Capital Partners. UMB Bank provided $13.5 million in tax-exempt construction financing, the Kansas City Kansas Housing Authority provided a $2.5 million construction-to-permanent loan, and Cedar Rapids Bank & Trust provided a $4.9 million permanent loan.
“Being involved in the closing process was a continuous demonstration of what can be accomplished when public, private and community partners come together around a shared vision,” said Brady Ridnour, Vice President in UMB Bank’s Impact Finance Group. “We are excited to play a role in helping to provide quality housing to families in Kansas City, Kansas.”
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 $4.3 billion in tax credit equity in 49 proprietary and multi-investor funds, financing development 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.
About Fulson Housing Group
Fulson Housing Group is a group of companies dedicated to providing quality affordable housing to communities and families. Through the use of Low Income Housing Tax Credits and many federal, state, and HUD administered loan and subsidy programs, we are able to develop, construct, and manage Low-Income communities that directly impact the lives of its residents. Our firm is vertically integrated and offers a wide range of development partnership and development consulting services. Whether it is a new construction apartment complex in a rural setting, or a rehabilitation of an existing housing development in a metropolitan area, we strive to build and re-build communities that residents are proud to call home.
About Select Development
Select Development is a boutique real estate development firm specializing in the development and preservation of affordable housing. Its principals have decades of experience in affordable housing and have partnered with and consulted for private and non-profit organizations on all matters related to the development, financing, and operations of multi-family real estate. Select Development was founded on decades of diverse real estate experience and is especially proficient in creating financing strategies for development projects unable to fully meet standard lending criteria and in leveraging equity from federal, state, and local government subsidy programs, including Low-Income Housing Tax Credits, Historic Preservation Tax Credits, and Tax-Exempt Bonds.
About Kansas City Kansas Housing Authority
For over 60 years, the Kansas City Kansas Housing Authority (KCKHA) has served as a vital Public Housing Agency for the City of Kansas City and Wyandotte County, Kansas. Administering over $66 million in annual Housing Assistance Programs and Capital Funds on behalf of the U.S. Department of Housing and Urban Development (HUD), KCKHA is committed to expanding access to safe, quality, and affordable housing. Through a comprehensive range of rental assistance and management services, KCKHA empowers families, the elderly, and individuals in need to achieve housing stability throughout the region.
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