Hunt Entities Secures Financing, Project Development and Construction of Apartments in El Paso

EL PASO, TEXAS — Hunt Cos. has secured financing, project development and construction for 1,590 units across 13 properties in the city of El Paso. The project is Phase I of a rental assistance demonstration project. In December 2013, the Department of Housing and Urban Development approved The Housing Authority of the City of El Paso’s (HACEP) application to convert 6,100 units through the rental assistance demonstration initiative (RAD). RAD allows public housing agencies to leverage public and private debt and equity in order to rehabilitate public housing. HACEP selected Hunt Cos. as its development partner for Phase I of the project in 2014. The partnership will revitalize the properties over the next two years. Hunt Development Group will act as the development manager; Moss Construction will be the project’s master subcontractor; Hunt Mortgage Group provided the debt through a Freddie Mac tax-exempt loan direct purchase program; and Hunt Capital Partners secured the tax credit equity from Aetna, MetLife and USAA. The project represents a $250 million initial public/private investment, which could grow to a total of $1 billion over the next five years.