$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


Related Articles

arrow_forward_ios
Mayor Francis Suarez (Getty, iStock)
Tibor Hollo, Pam Liebman and Housing Trust Group latest to donate to Miami mayor’s campaign
Tibor Hollo, Pam Liebman and Housing Trust Group latest to donate to Miami mayor’s campaign
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Lennar Executive Chairman Stuart Miller (iStock)
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Ben Schachter, Sean Black and Mike Pappas (Signature, Getty, Keyes)
Knock expands home lending program into South Florida 
Knock expands home lending program into South Florida 
750 Malibu Bay Drive, West Palm Beach, Jeremy Bronfman, and Matthew Rieger of HTG
Seagram scion pays $38M for West Palm affordable housing
Seagram scion pays $38M for West Palm affordable housing
Housing Trust Group CEO and President Matt Rieger and renderings of the project (City of Hollywood)
Hollywood approves multifamily affordable housing project
Hollywood approves multifamily affordable housing project
Michael S. Sheitelman and Josh Bank
Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more
Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...