Hunt Capital Partners and Hickory Creek Capital Partners Celebrate the Grand Opening of 39-Unit Affordable Housing Development in Downtown Clinton, Tennessee

Hunt Capital Partners, in collaboration with Hickory Creek Capital Partners, celebrated the grand opening and ribbon cutting for Daugherty Lofts in downtown Clinton, Tennessee on Thursday, January 23^rd. Located at 307 N Main Street, Daugherty Lofts is the adaptive reuse of the Daugherty Lofts Furniture Company Building, a popular 1942 retail store that was enlisted on the National Register of Historic Places in 2010, to create a mix of 39 one-, two-, and three-bedroom loft-style apartment homes for workforce families. The property is comprised of a five-story midrise building that introduces affordable housing for families earning up to 50% and 60% of the Area Median Income (AMI).

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Partners gather for the ribbon cutting of Daugherty Lofts. (Photo: Business Wire)

To mark the special occasion, speeches were provided by key partners including Hickory Creek Capital Partners Founder Kent Leach, Clinton City Mayor Scott Burton, Anderson County Chamber of Commerce Head Rick Meredith, and Hunt Capital Partners Acquisitions Senior Director Mike Jacobs. Chelsea Ivens, State Field Director from the office of U.S. Senator Marsha Blackburn, and Emily McCaul, Regional Field Director from the office of U.S. Senator Hagerty, were also in attendance to support the grand opening. The ribbon cutting was followed by home tours and light refreshments.

"It's been a long road starting in 2020 when we won the tax credits just as COVID was getting started. We've faced every adversity you could think of – rising construction costs, rising interest rates, material shortages, longer lead times, just to name a few. But seeing these doors open and people moving into their new homes, it makes me realize we've done a really good thing here,” said Hickory Creek Capital Partners Founder Kent Leach. “Not only have we given an old building new life, we're making these really unique living spaces available at an affordable rent. It really makes it worth all the adversity we've gone through."

Daugherty Loft has a rich history deeply intertwined with the transformative period of World War II, particularly through the economic boom brought by the Manhattan Project in nearby Oak Ridge. During this era, Anderson County saw a significant surge in population growth due to the influx of workers which, in turn, spurred local economies by increasing demand for various household commodities like furniture, hardware, and appliances. These items were essential for accommodating the rapidly growing workforce.

Today, projects like Daugherty Lofts aim to honor and preserve this historical essence through adaptive reuse. This approach not only conserves the architectural integrity and cultural heritage of such buildings, but also repurposes them for contemporary use, notably for affordable housing. This method of redevelopment provides a sustainable solution by revitalizing sturdy, abandoned structures to meet community needs while retaining their historical significance.

“The adaptive reuse of the Daugherty building represents a testament to innovate housing solutions, which protects the structure’s historical legacy while offering new housing options for families who need an affordable place to live,” said Hunt Capital Partners Chief Operating Officer Amy Dickerson. “We’re proud to partner with Hickory Creek Capital Partners to add 39 high-quality, desirable affordable homes that blend history with function right in the historic downtown district of Clinton.”

The apartment homes are equipped with central air conditioning, ceiling fans, and coat and walk-in closets, as well as in-unit appliances such as a refrigerator, microwave, and dishwasher. Spacious area amenities include a community room, computer lab, central laundry, lounge area, and elevators. The rehabilitated building preserves its architectural character with features such as original milk doors, a 20^th century stone exterior, metal casement windows, rustic hardwood floors, and a restored 5^th floor skylight.

Residents will have access to services provided by Anderson County Community Action Commission, a local non-profit agency dedicated to mobilizing social services within Anderson County since 1965. Services range from a weekly food pantry to rent and utility assistance.

Daugherty lofts was financed, in part, with $9.1 million in federal Low-Income Housing Tax Credits and $1.4 million in Historic Tax Credits (HTCs) syndicated by Hunt Capital Partners. Legacy Bank & Trust provided $10.6 million in construction financing and $2.1 million in permanent financing. Tennessee Department of Economic and Community Development provided $300,000 in grand funding. River and Valley Department, LLC provided a $650,000 soft seller note.

Hickory Creek Capital Partners is the general partner for the development. Frizzell Construction Company, Inc. is the general contractor and Goss Design Development is the architect of record. D&K Management, Inc. is the property manager.

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 not only improves the living conditions of its residents, but it also helps to remove obstacles that stand in the way of creating a healthy, safe and stable home environment for low-income families and seniors. When families spend less on housing related expenses, they have more resources available for other essentials such as food and clothing, or even extracurricular activities and educational programs. One of the most significant benefits to 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 $3.8 billion in tax credit equity in over 50 proprietary and multi-investor funds. HCP manages over 800 project partnerships representing over 80,000 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.

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"Seeing these doors open and people moving into their new homes, it makes me realize we've done a really good thing here,” said Hickory Creek Capital Partners Founder Kent Leach.