A $33 million rehabilitation effort in Dallas is converting a former nursing home into 75 units of permanent supportive housing. Sycamore Development and ASD – A Home for Life secured the property, The Meadow, which entered foreclosure during the pandemic after operating as a 2016-built facility. The development will include social services such as a workforce development program for veterans, people with disabilities, survivors of domestic abuse, and other vulnerable populations, including individuals living with HIV and those under protection through the Violence Against Women Act.
The project’s funding structure centers on Low-Income Housing Tax Credits, with Hunt Capital Partners supplying $20 million through its Tax Credit Fund 52. That fund, which closed in December 2023 with $175.3 million in committed capital, is backing 18 separate developments totaling 1,540 units. The remaining costs are covered by a $21 million loan from Huntington National Bank and a $13.5 million soft loan from the City of Dallas.
Reservations will set aside 38 units for Section 8 voucher holders, while the rest will serve households earning up to 30%, 50%, and 60% of the area median income. The adaptive reuse targets the former nursing home site, which sits at 8130 Meadow Road in Dallas’ Vickery Meadow neighborhood, a predominantly multifamily area with nearby transit stops and green spaces. Located less than a mile away is Domain at Midtown Park, a 395-unit affordable community owned by Waterford, Northern Liberties, and Vistria Group, offering units at 80 and 140 percent AMI under the Texas Housing Finance Corporations Act.
Hunt Capital Partners has made affordable housing rehabilitation a core focus since its 2010 launch, deploying over $4.3 billion in tax credit equity across projects. Earlier this month, the firm allocated $19.4 million in state and federal tax credits for a 64-unit rehab in Kansas City, Missouri, led by Fulson Housing Group and Select Development. In September, it contributed $9.1 million in federal LIHTC for a 55-unit renovation of a 1923-built property in the same city, spearheaded by Riverstone Platform Partners and Kansas City Metropolitan Lutheran Ministry.
Leave a Reply