HTG building for low-income tenants near Tampa

The Miami-based company closed financing for a Pasco County project and broke ground

Jul.July 30, 2016 09:00 AM

Miami-based Housing Trust Group (HTG) closed on financing for the first phase of a 220-unit affordable apartment development about 30 miles north of Tampa and started construction.

Construction of the initial 110-unit phase of Park at Wellington in Pasco County began July 18.

Qualified applicants for the rental apartments earn 40 to 60 percent of the area’s median income. Monthly rents will range from $367 to $783.

Construction of the second phase of the $37.9 million Park at Wellington project is expected to start in November.

Development funding sources for the first phase include $16 million of equity from investors who qualify for 9 percent low-income housing tax credits, which Indianapolis-based City Real Estate Advisors secured.

In addition, Cleveland-based KeyBank extended a $15.5 million construction loan to HTG, which will convert to a $3.5 million permanent loan when construction is completed.

“Apartment rents are soaring in Pasco County and throughout Florida,” Matthew Rieger, president & CEO of Housing Trust Group, said in a written statement. “Park at Wellington aims to ease the burden on working families by providing modern, affordable housing in a safe, friendly neighborhood environment.”

HTG has five affordable housing communities under construction in Florida. Other developments in progress include Wagner Creek in Miami and Courtside Family Apartments in Miami, a joint venture with former Miami Heat player Alonzo Mourning.

The project team for Park at Wellington includes architect Fugleberg Koch, PLLC; civil engineer High Point Engineering, Inc.; and general contractor HTG Hennessy, LLC.

Related Articles

Glenn Straub and the Palm Beach Polo and Country Club property (Credit: Google Maps)

Glenn Straub sells piece of Wellington polo club after failed development attempt

Daily Digest Miami

How Epstein hid ownership of second island, CK Holding Group buys Miramar retail: Daily digest

Daily Digest Miami

Felix Cohen buys two vacant lots on North Bay Road, Controversial Walmart site in Midtown Miami sells for $26M: Daily digest

Daily Digest Miami

Alleged Russian fraudster is co-owner of condo project in Chapter 11, Miami Design District property under contract: Daily digest

South Florida firm, partner acquire Tampa office building for $29.4M

Fritz Kundrun and 4481 Garden Point Trail (Credit: Realtor)

Trust tied to coal mining magnate buys 27-acre Wellington horse farm

Bill Gates and his Wellington properties

Trust tied to Bill Gates drops $21M on Wellington horse farm

Steve Van Andel and 4381 South Road in Wellington (Credit: Zillow)

Multi-level marketing mogul sells Wellington estate for $13M