Southern California Development Secures $25.8 Million in LIHTC Financing| Housing Finance Magazine

Hunt Capital Partners (HCP) has announced the closing of $25.8 million in federal low-income housing tax credit (LIHTC) equity for the development of Vista Lane Family Homes in California’s San Diego County.

Vista Lane will offer 15 studio, 35 one-, 97 two-, and 20 three-bedroom units for households earning up to 50% and 70% of the area median income. One studio unit and a one-bedroom unit will be non-revenue employee units. Additionally, 13 units will be Americans with Disabilities Act compliant, including nine handicapped-accessible units and four units for persons with hearing and/or visual impairments.

MirKa Investments is the general partner, co-guarantor, and developer. MirKa accomplished site control, entitlement, and closing within 12.5 months.

Situated on 2.88 acres on top of a hill in a quiet residential neighborhood in the northern portion of San Ysidro, a district of San Diego, Vista Lane will consist of one four-story, elevator-serviced, E-shaped building with two interior courtyards.

The apartments will be furnished with standard amenities such as a refrigerator, a stove and oven, a garbage disposal, and an air-conditioning unit. Common area amenities include a 3,185-square-foot community room, a central laundry facility, on-site management, free WiFi in common areas, a recreation area, and a playground. Resident services will also be provided, including after-school programing for children and adult educational classes.

A transit-oriented development, the development will be located in a San Diego Transit Priority Area (TPA), where the nearest bus stop is 0.3 miles away and the nearest light-rail station providing access to downtown is 0.6 miles away. San Diego established TPAs to increase housing affordability as well as supply, boost transit use, and decrease automobile traffic congestion.

In addition, Vista Lane will be minimum LEED certified, Green Point Rated, and will comply with CalGreen, the California Green Building Standards Code, according to officials. The project will incorporate green building elements that promote energy- and water-use efficiency, pollution mitigation that sources salvaged or FSC-certified wood, water conservation plumbing, cool roof technology, and high levels of roofing insulation.

The total development cost for Vista Lane is $66.7 million. Hunt Capital Partners syndicated the LIHTCs through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 48. California Bank & Trust and CIT Bank provided a $37.7 million tax-exempt construction bond loan and a $6.2 million taxable construction bond loan. Citi Community Capital provided a $27.2 million forward tax-exempt permanent bond loan. HCP Bond Investors provided a $3 million permanent subordinate bond loan.

MirKa’s development team comprises C&S Construction Services as the general contractor, Martinez + Cutri Urban Studio Corp. as the project architect, and Hyder Property Management Professionals as the management agent.