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HTG scores $61M in construction financing for Hollywood affordable housing project
Developer proposes two-building, eight-story complex with 216 apartments
Housing Trust Group landed $61 million in construction financing for a multifamily project in Hollywood.
Florida Housing Finance Corp., or FHFC, provided a $50 million mortgage for University Station, a proposed two-building, eight-story complex with 216 apartments at below market rents, according to records.
Housing Trust Group, Or HTG, also obtained a $10.6 million State Apartment Incentive Loan and a $600,000 loan for extremely low income projects through FHFC.
Last year, the Hollywood City Commission approved a site plan for University Station. HTG has a ground lease to develop the project on a 2.5-acre city-owned site along North 21st Avenue, between Fillmore Street and Polk Street. The site is currently home to a parking lot, a municipal shuffleboard facility, and Barry University College of Nursing and Health Sciences.
In addition to the apartments, University Station would include 14,000 square feet of ground-floor commercial space, with 11,000 square feet set aside for the nursing school, city of Hollywood documents show. The project will also have a garage with 587 spaces.
Led by CEO Matthew Rieger, Coconut Grove-based HTG agreed to make 141 apartments at University Station available for renters who earn 60 percent of the area median income, or AMI, in Hollywood. The remaining units will be reserved for people earning between 22 percent to 80 percent of AMI.
The city previously provided HTG with a $2.4 million loan to assist in the project’s financing.
In downtown Hollywood, HTG also plans to build a seniors-only affordable housing project called Paramount Place at 826 South Dixie Highway. An auto repair shop and a bar now occupy the 0.8-acre site at the corner of South Dixie Highway and Washington Street.
The affordable housing developer is active in Miami as well. Last year, the Miami City Commission approved the first phase of Rainbow Village at 2000 Northwest Third Avenue in Overtown. It entails a seven-story building with 310 apartments, of which 248 units are set aside for workforce housing and 31 units for affordable housing.
HTG plans to ultimately build 1,300 affordable and workforce housing units at Rainbow Village.