The Real Deal Miami

Coconut Grove firm closes rental project financing

Housing Trust Group assembled funding for 144 affordable apartments in Eustis
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.