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Welcome to Limestone Crossing, located in Bloomington, Indiana

Limestone Crossing 7

Limestone Crossing Apartments will be located in Bloomington, IN. The city of Bloomington is best known as the home of Indiana University and the storied tradition of IU Basketball! This project involves the acquisition and rehab of our existing Canterbury House Apartments- Bloomington property. Previously made up of 174 affordable and 34 market rate units, the community will now consist of 100% affordable apartment homes, all at 60% of area median income. The bedroom mix will remain the same with 1, 2, and 3 bedroom apartment homes. The main renovations include adding washers and dryers to each apartment, new carpeting, new outdoor entertainment equipment, new playground and dog park, new kitchen appliances, 12 ADA units, 12 new garages, and the addition of perimeter fencing.

Limestone Crossing will be financed with tax-exempt bonds and Low Income Housing Tax Credits (LIHTC). The bonds will be purchased by Cedar Rapids Bank & Trust Company, who in turn will provide the construction/permanent loan. Regions Bank is the investor limited partner and will also provide the taxable bridge loan during construction and up until conversion.

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Heading West: River Bend in Idaho Springs, Colorado

River Bend Residences will be located in Idaho Springs, Colorado, 30 miles west of Denver. The city has an elevation of 7,725 ft. and is known to have some of the best whitewater rafting in the nation! This two-building community will consist of 47 apartment homes in this beautiful mountain setting.

The community is designed to support family/workforce housing and capitalizes on the unmet need for quality affordable housing in the area. River Bend Residences will offer one and two bedroom units for rent to those at 30%, 40%, and 60% of The Area Median Income (AMI).  Amenities include a clubhouse/community room, fitness room, computer lab, and a picnic and BBQ area.

This is HKP’s first development in Colorado and the first LIHTC project in the Clear Creek County! The project will be funded through a construction loan with Horizon Bank, subordinate loans from Clear Creak County and Credit Suisse, a permanent loan with the Colorado Housing Finance Agency and low income tax credits.

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New Senior Apartments Coming to Owasso, Oklahoma

Centennial Park Apartments will be located in Owasso, OK. This one-building community will consist of 56 multifamily senior apartment homes with rents affordable to households with incomes at or below 50% and 60% of area median income. The building will sit adjacent to another senior facility and will contribute to the growing senior-oriented community developing in the immediate area.

Community amenities include a community room, courtyard and picnic area, computer room, and an exercise room. In addition, local on-demand transit is available and will be beneficial to the targeted senior population.

While HKP has previously acquired one property in the state of Oklahoma, this will be our first newly constructed community in this state. The community will be funded primarily with a construction loan from Horizon Bank and a permanent loan from Cedar Rapids Bank & Trust.

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Vireo Apartments in Houston Will Bring Needed Housing

HKP is pleased to announce closing on Vireo Apartments! The process of developing this 264 apartment home community was a perfect example of HKP’s commitment to affordable housing. While having the land under contract for over 2 years and working around a natural disaster, tax reform, and design changes, our team was able to execute on what will be a strong asset for HKP.

The site on which the community will be constructed consists of 2 adjacent parcels at the intersection of Tidwell Road and C. E. King Parkway in Houston, Texas. The apartment homes will be a mix of 1, 2, and 3 bedroom units at 60% Area Median Income (AMI). Amenities will include a playground, leasing office, outdoor entertainment area, large exercise room, swimming pool, and bark park.

This is first new construction 4% bond deal HKP has closed in Texas. The project will be funded primarily from tax-exempt mortgage revenue bonds and low income tax credits through the Texas Department of Housing and Community Affairs (TDHCA). Regions Bank is the investor limited partner, construction lender, and permanent loan servicer.

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2018 Rankings

We are so proud to have made AHF’s Top 10 Affordable Housing Developers of 2018! It’s takes our whole team working together to make this happen!

Our 2018 Rankings:

  • 9th Largest Affordable Housing Developer
  • 11th Largest Affordable Housing Owner

You can read the article in Affordable Housing Finance here.

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