The Real Deal Miami

Coconut Grove firm closes rental project financing

Housing Trust Group assembled funding for 144 affordable apartments in Eustis

December 13, 2015 10:45AM

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Rendering of Valencia Grove apartment development.

Rendering of Valencia Grove apartment development.

Coconut Grove-based Housing Trust Group closed on financing for construction of Valencia Grove, a 144-unit affordable housing project in the Central Florida community of Eustis.

Construction of the $21.8 million multifamily development began November 30 and will take an estimated 13 months to complete.

“Valencia Grove will serve the much-needed housing market for working families in Eustis,” said Matthew Rieger, president and CEO of Housing Trust Group, said in a press release. “This new community will bring dozens of new jobs to the County and over $13 million in federal or State funding sources to the local economy.”

Valencia Grove will have a mix of one- two- and three-bedroom units. Depending on tenants’ income levels, monthly rents will range from $358 to $790.

Project funding sources include a 4 percent SAIL loan under the State Apartment Incentive Loan program, an ELI GAP loan from Florida Housing Finance Corporation, a grant from the City of Eustis,  and tax credit equity from US Bank Corporation. SunTrust provided the debt through tax-exempted multifamily revenue state bonds.

Amenities at Valencia Grove will include a clubhouse, playground, volleyball court, outdoor pool, dog park and car wash. The development will also provide free community programs such as literacy training, employment assistance and family-support coordination.

Housing Trust Group is the parent company of multiple real estate companies. Its real estate transactions exceed $2 billion in commercial, land and residential developments in Florida, other Southeastern states and Arizona.