A partnership led by Sycamore Development has closed financing for The Meadow, a $33 million rehabilitation project that will transform a former nursing home at 8130 Meadow Road in Dallas into new supportive housing. Hunt Capital Partners and ASD – A Home for Life are working alongside Sycamore Development to execute the redevelopment plan.
The existing facility, originally built in 2016 as a nursing home, will be adaptively reused rather than demolished. Under the current plan, the building will be converted into 75 residences designated as Permanent Supportive Housing, creating a stabilized residential community within the existing structure. The project is designed for families and individuals who face significant obstacles in obtaining long-term, secure housing.
Once completed, The Meadow will serve residents who have experienced homelessness, as well as individuals and families living with HIV. The property will also support veterans with disabilities, people affected by substance use, and those protected under the Violence Against Women Act. By targeting these populations, the development aims to address acute housing needs among highly vulnerable groups.
Capital for the rehabilitation is being assembled from both private and public sources. Huntington National Bank is providing a $21 million construction loan that will fund the physical conversion of the building from nursing home use to residential units. In addition, the City of Dallas is contributing a $13.5 million soft loan to support the project's long-term affordability and feasibility.
On the equity side, Hunt Capital Partners has syndicated $20 million in Federal Low-Income Housing Tax Credits. The credits were placed through the firm's multi-investor vehicle, Hunt Capital Partners Tax Credit Fund 52, channeling LIHTC equity into the capital stack for The Meadow. This tax credit financing structure is a key component underpinning both the rehabilitation budget and the permanent affordability of the 75 units.
Sycamore Development is leading the project with ASD – A Home for Life serving as co-developer. Their plan leverages adaptive reuse to retain the relatively modern building shell while shifting the asset's use from institutional care to long-term housing. With financial closing complete, the partnership is positioned to move ahead with converting the former nursing home into a dedicated Permanent Supportive Housing community in Dallas.
