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.