Marianas Variety

Last updateSat, 19 Jan 2019 12am

Headlines:

     

     

     

     

     

    Saturday, January 19, 2019-4:45:49P.M.

     

     

     

     

     

Font Size

Settings

Affordable housing project secures federal equity financing

HUNT Capital Partners, which is proposing to develop affordable housing units on island, has secured $34 million in federal low-income housing tax-credit equity financing for the construction of Art Ridge Village Homes,  Hunt Capital Partners executive managing director Dana Mayo said.

The project, which will be located at the current Triple J Motors location on Beach Road, Garapan, is a seven-story building with 48  three-bedroom units for families earning up to 60 percent of the area median income.

Mayo noted that Saipan was recently hit by Category 5 Typhoon Yutu which destroyed over 400 homes. “Art Ridge Village Homes will be an important affordable housing option for families on island,” Mayo said.

 He said the building will have “notable typhoon-resistant features that will provide enhanced tenant safety and greater peace of mind.”

Mayo thanked the company’s primary investors, First Hawaiian Bank and Bank of Hawaii, for partnering with Hunt Capital Partners.

Art Ridge Village Homes is expected to be completed in Dec. 2019. Mayo reiterated that it will be built to withstand typhoons and earthquakes. He said the building  will have reinforced concrete and impact-resistant windows capable of enduring at least 175 mph.

In addition, Mayo said the building will have a 50,000-gallon water reservoir and backup generator with a 3,000-gallon propane fuel tank.

These features will allow the building to continue to provide power and running water for about a week in the event public utilities are down following a major storm, he added.

The total development cost of Art Ridge Village Homes is $35 million.

Mayo said Triple J Enterprises Inc., its subsidiaries and its affiliates, are serving as the developer, guarantor, general contractor, and property manager of the project.

Black Micro Corporation is the prime subcontractor while the project architect is Mark Ruth, principal at Taniguchi Ruth Makio Architects.

In June this year, the Saipan Zoning Board approved the conditional use permit application of Art Ridge Village Homes LLC.