The Real Deal Miami

Affordable housing project in Fort Lauderdale to open Friday

Received a $39M loan package in 2013

April 09, 2015 03:45PM

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A rendering of the Village Place Apartments in Fort Lauderdale

A rendering of the Village Place Apartments in Fort Lauderdale

The Village Place Apartments, a $25 million affordable housing project for seniors in Fort Lauderdale, is set to open on Friday.

The 112-unit project was developed by the Housing Trust Group of Miami, which bought the land in 2013 for $2.8 million and finished construction earlier this year.

Located at 720 Northeast Fourth Avenue, the complex has a club room, fitness center, library and a fifth-floor pool.

Units are targeted for people aged 55-and-older who earn between 25 percent and 60 percent of the area’s median income.

Village Place is federally subsidized and received a $39 million loan package led by U.S. Bank in 2013 after the Housing Trust Group purchased the 1-acre property.

The bank granted the Housing Trust Group a $3 million permanent loan, $13.2 million in construction financing and invested $22.4 million from federal low-income housing tax credits.

“Seniors on fixed incomes in Fort Lauderdale struggle to find affordable housing that is safe and attractive,” John Lisella of U.S. Bank said in a statement. — Sean Stewart-Muniz