HTG, Spectra to convert Palm Beach County apartments into affordable housing

Miami /
Oct.October 05, 2016 03:00 PM

What was once a market-rate apartment community in Belle Glade, a small city in western Palm Beach County, is on the eve of being converted into affordable housing.

Housing Trust Group and the Spectra Organization just announced they’ve closed on the financing necessary to launch their $22 million rehabilitation of the Covenant Villas.

County records show HTG bought the 144-unit community at 600 Covenant Drive for $4.79 million, or about $33,263 per apartment. The seller was Noah Development, a local housing firm that built the Covenant Villas in 1988.

HTG and Spectra, an affiliate of the county housing authority, will now begin renovating the community’s 18 garden-style buildings, with an expected completion date of September 2017. That means new metal roofs, impact-resistant windows, HVAC systems and interior finishes.

When open, units at the project will be reserved for residents earning equal to or less than 60 percent and 33 percent of the county’s area median income. The county’s housing authority will also dole out vouchers for 116 of the project’s units for potential tenants who can’t afford the reduced rents.

To finance the project, HTG sold its 9 percent low-income housing tax credit to Raymond James Tax Credit Funds for $18.2 milion. The developer also closed on a $1.9 million loan from National Lending Partners, a $13.5 million construction loan from TD Bank, and was awarded loans totaling $2.2 million from Palm Beach County. — Sean Stewart-Muniz


Related Articles

arrow_forward_ios
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
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Rendering of Belmont Village Coral Gables and Baptist Health South Florida CEO Brian L. Keeley

Baptist, Belmont gain approval for luxury senior living in Coral Gables

Baptist, Belmont gain approval for luxury senior living in Coral Gables
Vanessa Grout with Vladislav Doronin

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
arrow_forward_ios

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

Loading...