Sycamore-Led Team Converting Nursing Home to 75 Supportive Units
Hunt Capital Partners, Sycamore Development, and ASD – A Home for Life announced the financial closing of The Meadow, a $33 million rehabilitation development at 8130 Meadow Road in Dallas.
The project, led by Sycamore Development and co-developed by ASD, will convert a former nursing home facility constructed in 2016 into 75 new homes with Permanent Supportive Housing (PSH). Through adaptive reuse, the development will preserve its existing structure while providing housing for families and individuals facing significant barriers to securing a stable home.
Residents will include individuals and families impacted by homelessness, people living with HIV, veterans with disabilities, individuals affected by substance use, and those protected under the Violence Against Women Act (VAWA).
Financing for the project includes a $21 million construction loan from Huntington National Bank and a $13.5 million soft loan from the City of Dallas. Hunt Capital Partners syndicated $20 million in Federal Low-Income Housing Tax Credits through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 52.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout