Walker & Dunlop, Inc. announced today that Alliant Capital, a Walker & Dunlop company, arranged $11 million in Low-Income Housing Tax Credit (LIHTC) equity investments for the construction of Baytown Apartments. The apartment community located in Hillsborough County, Florida will provide opportunities for persons with Intellectual or Developmental Disabilities (I/DD) to live in a fully- integrated environment with neurotypical persons.
The team, including Dudley Benoit, senior vice president and chief production officer, and Jennifer Erixon, managing director, led Alliant’s LIHTC syndication of the tax credits that benefit the project’s development. The deal will be completed as a joint venture development between InVictus Development, LLC, and the sponsor, CDS Monarch, Inc. (CDS). Upon completion, Baytown Apartments will consist of a two-story residential building including 30 LIHTC units, 15 of which will be set aside for persons with I/DD.
"Baytown Apartments is an exciting opportunity for CDS Monarch to further our mission of creating safe and nurturing environments for the individuals we serve to reach their goals and fulfill their dreams. High-quality housing is key to making this happen," said Andrew Sewnauth, executive director of CDS Monarch. "CDS Monarch is grateful to Alliant Capital, InVictus Development, McDonald Training Centers, and local officials for ensuring Baytown will have a bright future because of the firm financial footing this investment provides."
CDS is a New York mission-based 501(c)3 non-profit organization with over 40 years of experience delivering high-quality supportive services and housing for individuals with intellectual and developmental disabilities I/DD and veterans, families, and seniors across upstate New York.
"This monumental transaction will allow individuals to live independently and receive the person-centered support and services they need to live safe and fully integrated lives within their community," said Jennifer Erixon, managing director at Alliant. "My team and I feel extremely honored to be able to make an impact for these residents."
Baytown Apartments will be located near the Town' n Country and Westchase neighborhoods of unincorporated Hillsborough County, Florida. The development site is in a well-established, safe, and stable community, close to shopping districts, a variety of community amenities, and two freeways, allowing travel to employers, service providers, and health care.
The site reflects careful input from service provider McDonald Training Center (MTC) and takes into consideration the specific needs of the developmentally disabled. Additionally, MTC will provide Independence Support Services primarily for Baytown Apartments' special needs population, such as a variety of programs, services, and community partnerships designed to promote independence and full equity in the workplace and in community-based residential settings.
"This development represents not only much-needed affordable housing for the region, as evidenced by the waiting lists on other LIHTC properties in the area, but also a unique opportunity for persons with I/DD to live in a community where they can interact with neurotypical persons," said Paula Rhodes of Invictus. "There are precious few opportunities for persons with I/DD to live among the general population and both populations will benefit from this integration."
Alliant Capital, a Walker & Dunlop company, is the nation's eighth largest LIHTC syndicator. Today, Alliant Capital's portfolio exceeds $14 billion in assets under management and has provided housing for over 400,000 low-income families, seniors, and veterans. Combined with Walker & Dunlop's affordable housing financing solutions, the partnership is a market-leading affordable housing platform that addresses the financing, sale, and preservation of affordable housing nationwide. To learn more about our capabilities and financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. Our ideas and capital create communities where people live, work, shop, and play. The diversity of our people, breadth of our brand and technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.