Hunt Capital Partners, in collaboration with Roundstone Development, LLC, announced the financial closing for The Pines, which is a new construction, low-income housing tax credit (LIHTC) development for families in DeLand, Fla. This is the second development on which Hunt Capital Partners and Roundstone have partnered. Once constructed, The Pines will offer 100 affordable housing units spread across six, two- and three- story residential buildings as well as one single story community building.
DeLand is a thriving town with over 27,000 residents. Home to Florida’s oldest private college, Stetson University, the community is steeped in history, culture and the arts. DeLand and the surrounding communities are plagued by a shortage of affordable housing. According to the 2016 U.S. Census, the poverty rate in DeLand was 21.3 percent, notably higher than the national average of 12.7 percent. With DeLand’s current affordable housing properties leasing at the maximum allowed rents and having no vacancies, The Pines will be an important development that provides 100 new, high-quality affordable apartment homes to the area.
“We are glad to work with the Roundstone Development team again on another affordable housing development,” said Hunt Capital Partners Executive Managing Director Dana Mayo. “The Pines serves to address the housing crisis in Florida and provide more quality, affordable housing to low-income families.”
Construction for The Pines began on Dec. 20, 2017 and is scheduled for completion by Jan. 31, 2019. When finished, The Pines will offer 24 one-bedroom units, 32 two-bedroom units, 24 three-bedroom units, and 20 four-bedroom units. The homes will be set aside for households earning up to 40 and 60 percent of the area median income. Five units will have a preference for “Special Needs Households,” or households consisting of a family that is considered to be homeless, a survivor of domestic violence, a person with a disability, or youth aging out of foster care. All units will have the standard complement of appliances and amenities. Community spaces include onsite management, a clubhouse with a community kitchen, a business center, a library/meeting room, a fitness room, a laundry room, a swimming pool, and a playground.
The development cost for The Pines is $18.62 million. Hunt Capital Partners facilitated an investment of $13.43 million in federal LIHTC equity through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 27. Roundstone Development is the developer and the general partner. The property manager is Sunchase American, Ltd.; the general contractor is Bradley Construction Company, Inc. of Clearwater, Fla.; and the architect is Brian Rumsey of McKinney, Texas.