$22M Wagner Creek project in Miami closes on financing

Miami /
Oct.October 13, 2015 03:00 PM

Housing Trust Group has closed on financing for Wagner Creek Apartments, a 73-unit affordable housing project in Miami, The Real Deal has learned. 

The $22 million development, at 1501 Northwest 13th Court, is near the Miami River and the Health District. Funding sources include $17.14 million from 9 percent low-income housing tax credits; a $3.4 million construction loan; $222,000 from Miami-Dade County’s affordable housing surtax program; $840,100 from a city of Miami HOME loan; and $606,274 of developer equity.

The mixed-income project will set aside 60 units for tenants earning at or below 60 percent of the area median income, which is $49,900 in Miami-Dade County. Eight units will be reserved for those earning 33 percent of the AMI and five for moderate income levels. Workforce units will also be set aside, according to a press release.

“We are grateful for the opportunity to partner with the City of Miami and Miami-Dade County on Wagner Creek, a development which provides working families with more options for safe, affordable and quality housing where it’s most needed,’’ Matthew Rieger, president and CEO of Housing Trust Group, said in the release.

Amenities include a rooftop terrace and garden, gym, computer lab and a community room. The project is pursuing National Green Building Standard’s silver certification.

HTG is also working on Courtside Family Apartments, an affordable housing development in Overtown. Developers broke ground on the first of three phases for that project in June. – Katherine Kallergis


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