AUSTIN, Texas--(BUSINESS WIRE)--In partnership with O-SDA Industries, Travis County Housing Finance Corporation (TCHFC), and Saigebrook Development, Hunt Capital Partners celebrated the grand opening of Saison North on Wednesday, June 5th. Located at 10010 N. Capitol of Texas Highway, Austin, Tex., Saison North is a five-story, elevator-serviced, mixed-income housing development comprised of 116 units, 70% of which are affordable and reserved for family households earning up to 30%, 50%, and 60% of the Area Median Income (AMI).
The grand opening ceremony took place from 4:30pm to 6:30pm and included a ribbon cutting ceremony and a property tour. To mark the moment, remarks were provided by key partners which included O-SDA Industries President Megan Lasch, City of Austin Mayor Kirk Preston Watson, City of Austin District 7 Councilwoman Leslie Pool, Austin Housing Finance Corporation Interim Director Mandy De Mayo, Travis County Precinct 2 Commissioner Brigid Shea, Travis County Commissioners and Court Judge Andy Brown. Food catering was provided by restaurant Tchidai and Toni’s Toffee. Entertainment was provided by local musician Fany Macias Music.
“Hunt Capital Partners is grateful for the opportunity to partner with O-SDA Industries and help advance the supply of affordable housing for low-income families in Austin,” said Hunt Capital Partners Acquisitions Senior Director Omar Chaudhry. “Saison North not only provides a much-needed affordable home for Austin families; it also offers a variety of community-focused amenities through resident services and the use of local artwork.”
Situated on the former site of Austin’s NXNW Brewery, Saison North repurposes elements from the previous structure into its overall design. O-SDA Industries collaborated with four Austin-based artists to transform the original NXNW Brewery signs into unique works of art, which are displayed throughout the property to pay homage to the site’s history and foster a sense of community.
Saison North introduces 48 one-, 44 two-, and 24 three-bedroom homes equipped with modern amenities which include granite countertops, resilient flooring, tiled kitchen backsplashes, tiled tub surrounds, and connections for cable and internet. Residents have access to a variety of high-quality community amenities which include a fully furnished clubhouse with community kitchen, a fitness center, a business center, a leasing center, bicycle parking, and complimentary Wi-Fi in all common spaces.
”We are thrilled to be able to provide 116 units of affordable housing in such a desirable location that is near so many employment opportunities for our residents,” said O-SDA Industries President Megan Lasch.
Built to meet National Green Building and Austin Energy Green Building certifiable standards, Saison North represents O-SDA Industries’ efforts towards developing environment-friendly housing. The community integrates amenities that improve energy conservation, which includes Energy Star appliances, high efficiency lighting, and low flow plumbing fixtures. In addition to its green features, Saison North also offers a variety of services ranging from childcare to adult support that will be provided by Portfolio Resident Services free of charge.
O-SDA Industries is the developer and managing member for Saison North, with TCHFC, an Austin-based nonprofit, as the co-managing member. Saigebrook Development is the development consultant. Skybeck Construction is the general contractor. Three Bar Architecture is the architect of record. Accolade Property Management, Inc. is the property management agent.
To help make Saison North a reality, Hunt Capital Partners syndicated $17.3 million in federal Low-Income Housing Tax Credits (LIHTCs) through its multi-investor fund. Lenders included Bank OZK, who provided a $19.5 million construction loan and JPMorgan Chase, who provided a $12.9 million permanent loan. Other financing sources included a $2.4 million construction-permanent loan from Travis County, a $6.2 million soft loan from Austin Housing Finance Corporation, and a $375,000 soft loan from Texas State Affordable Housing Corporation.
Environmental Social and Corporate Governance (“ESG”) Investing
Hunt Capital Partners recognizes that its institutional investors are seeking to increase the social value of their investments to help further their ESG initiatives. Investment in affordable housing improves the living conditions of its residents. It helps remove obstacles that impede creation of a healthy, safe, and stable home environment for low-income families and seniors' families spend less on housing-related expenses, they have more resources for other essentials such as food and clothing, extracurricular activities, and educational programs. One of the most significant benefits of providing quality affordable housing is an increase in an individual’s physical and mental health. Hunt Capital Partners’ affordable housing investments create a lasting effect on the people and communities they serve for generations to come.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $3.3 billion in tax credit equity in over 48 proprietary and multi-investor funds. HCP manages almost 760 project partnerships representing over 75,000 homes in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.
