CLINTON, TENN. — Hunt Capital Partners and Hickory Creek Capital Partners have opened Daughtery Lofts, a 39-unit affordable housing property located at 307 N. Main St. in downtown Clinton. The five-story property is an adaptive reuse of the former Daughtery Lofts Furniture Company Building, which was built in 1942 and placed on the National Register of Historic Places in 2010.
Daugherty Lofts offers one-, two- and three-bedroom loft-style apartments reserved for families earning 50 and 60 percent of the area median income (AMI). Amenities include a community room, computer lab, central laundry, lounge area and elevators. Historic features of the property include original milk doors, stone exterior, metal casement windows, rustic hardwood floors and a restored skylight on the fifth floor.
Partners for Daughtery Lofts include general contractor Frizzell Construction Co., architect Goss Design Development and property manager D&K Management Inc. Financing included $9.1 million in LIHTC and $1.4 million in historic tax credits syndicated by Hunt Capital Partners; a $10.6 million construction loan and $2.1 million permanent loan from Legacy Bank & Trust; and funding from the Tennessee Department of Economic and Community Development and River and Valley Department LLC.