Hunt Arranges $13.1M in LIHTC Equity for Affordable Housing Adaptive Reuse Project in Milwaukee
MILWAUKEE — Hunt Capital Partners has arranged $13.1 million in Low-Income Housing Tax Credit (LIHTC) equity for the rehabilitation and adaptive reuse of an old school in Milwaukee dating back to 1902. Developer Royal Capital Group plans to create 82 multifamily units known as the Phillis Wheatley Apartments. Of the units, 67 will be set aside for households earning up to 60 percent of the area median income. Amenities will include a business center, community room, fitness center, theater room and onsite management.
Supportive service providers will include the Milwaukee County Veterans’ Services Office and Lutheran Social Services. Chase Bank is the primary lender on the project, providing a $15.4 million construction loan and a $3.6 million permanent loan. Chase is also extending a tax-increment financing loan for $1 million. Other financing mechanisms include HOME funds and the Federal Home Loan Bank’s Affordable Housing Program. Hunt Capital Partners syndicated the tax credits through its proprietary fund, Hunt Capital Fund Tax Credit Fund 26. The former Phillis Wheatley Elementary School, located in the Lindley Heights neighborhood of Central Milwaukee, has sat vacant since 2005.