Hunt Capital Partners, Sycamore Development, and ASD – A Home for Life announced the financial closing of The Meadow, a $33 million rehabilitation development at 8130 Meadow Road in Dallas.

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Rendering of completed project, Photo Credits: OTJ Architects, Inc.

Rendering of completed project, Photo Credits: OTJ Architects, Inc.

The project, led by Sycamore Development and co-developed by ASD, will convert a former nursing home facility constructed in 2016 into 75 new homes with Permanent Supportive Housing (PSH) to serve some of the city’s most vulnerable residents. Through adaptive reuse, the development will preserve its existing structure while delivering quality, service-enriched housing to families and individuals who face significant barriers to securing a stable home.

“This project is incredibly meaningful for Sycamore Development because we know these 75 homes will give some of Dallas’ most vulnerable residents a place to call home and the stability they deserve,” Sycamore principal Zachary Krochtengel said. “We’re proud to join forces with ASD and HCP to build a community where people can feel safe, supported, and valued, and we are grateful for the support of the City of Dallas and Texas Department of Housing and Community Affairs to make this development possible.”

All 75 homes at Meadow will be designated as permanent supportive housing for individuals experiencing homelessness or at risk of homelessness, who face significant barriers to securing permanent housing, and people with health challenges. Residents will include individuals and families impacted by homelessness, people living with HIV, veterans with disabilities, individuals affected by substance use, and those protected under the Violence Against Women Act (VAWA). Additionally, 38 homes with project-based Section 8 rental assistance through the Walker Settlement Voucher (WSV) program.

For ASD – A Home for Life, Meadow expands the organization’s nearly 40-year commitment to creating quality, affordable, service-enriched housing for underserved and marginalized populations in Dallas.

“Meadow represents exactly what is possible when housing, healthcare, and community investment come together,” said Traswell C. Livingston III, President and CEO of ASD – A Home for Life. “We are taking a building that had lost its original purpose and giving it new life as 75 permanent homes. For people who have experienced homelessness, disability, health challenges, or other barriers to housing, a stable home is more than a place to live; it is the foundation for improved health, dignity, and opportunity. Personal to me growing up in RISD, I’m proud to join Sycamore Development, Hunt Capital Partners, the City of Dallas, and our community partners in bringing this much-needed resource to North Dallas.”

A distinctive component of Meadow will be a commercial kitchen that will serve as the foundation for a new social enterprise, creating opportunities for residents to gain practical work experience and develop marketable skills. The property will also house a robust workforce development program designed to connect residents with education, training and opportunities to pursue industry-recognized certifications in Culinary Arts and Grounds Maintenance/Landscaping. The program is designed to create a pathway from housing stability to workforce participation, skills development, employment and ultimately greater self-sufficiency.

“Our development partner, Sycamore Development, presented us with the opportunity to preserve a structure built in 2016 that went into foreclosure due to the effects of the COVID shutdown,” said Jeff Weiss, President of Hunt Capital Partners. “Repurposing this building allows us to provide desperately needed PSH in the City of Dallas at a fraction of what new construction would cost today.”

The project demonstrates the potential of public-private partnerships to address multiple community needs through the adaptive reuse of existing real estate. Hunt Capital Partners provides critical tax credit syndication expertise, Sycamore Development brings extensive experience in affordable housing and adaptive reuse projects, and ASD contributes nearly four decades of experience in permanent supportive and service-enriched housing, supportive services, and community-based programming.

Upon completion, Meadow will offer:

  • 75 income-restricted homes serving households earning up to 30%, 50%, and 60% of Area Median Income (AMI).

  • 38 homes with project-based Section 8 rental assistance through the Walker Settlement Voucher (WSV) program.

  • Community amenities include a business center, courtyard, exercise facility, laundry rooms, theater, picnic area, pet wash and lounge areas, commercial kitchen, and social enterprise providing hands-on training, work experience, and employment opportunities for residents.

  • Comprehensive workforce development program supporting education, industry certifications, job readiness, and employment pathways, creating a pathway toward self-sufficiency and greater economic independence.

Financing for the project includes a $21 million construction loan from Huntington National Bank and a $13.5 million soft loan from the City of Dallas. Hunt Capital Partners syndicated $20 million in Federal Low-Income Housing Tax Credits through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 52.

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 investment funds. Since its inception in 2010, HCP has raised over $4.3 billion in tax credit equity in 49 proprietary and multi-investor funds, financing development in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused on 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.

About ASD – A Home for Life

ASD – A Home for Life is a 501(c)(3) nonprofit organization founded in Dallas in 1987 with a mission to create, strengthen, and sustain healthy communities by providing quality, affordable, service-enriched housing to economically disadvantaged individuals and families who are living with, impacted by, or at risk for HIV/AIDS. For nearly 40 years, ASD has provided permanent supportive and service-enriched housing to underserved and marginalized populations in Dallas. The organization believes that housing is healthcare and that stable housing provides a critical foundation for improved health, stability, independence, and quality of life. Through its housing communities and supportive programs, ASD connects residents with resources including case management, transportation, meals, vocational support, youth programming, and other services that promote long-term stability and healthier communities. For more information, please visit www.asdhome.org.

About Sycamore Development

Sycamore Strategies LLC, d/b/a Sycamore Development, was founded in 2016 and is committed to building exceptional affordable housing in high-demand areas that benefit both residents and surrounding communities. Sycamore has participated in 20 successful Low Income Housing Credit applications since its inception and specializes in mixed-income and adaptive reuse projects. The firm’s work focuses on creating sustainable affordable housing developments that respond to community needs while maximizing the potential of existing properties.

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