Housing Trust Group scores $21M financing for new Broward senior apartments

Units in the project will be rent controlled and reserved for the elderly

TRD MIAMI /
Dec.December 20, 2016 12:00 PM

Rendering of Arbor View and Housing Trust Group CEO Matthew Rieger

Matthew Rieger’s Housing Trust Group just nabbed the land and financing it needs to move forward with a new 100-unit senior housing development in Margate.

The developer received a pair of loans from TD Bank and non-profit Neighborhood Lending Partners totaling $21.2 million, according to county records. Both mortgages are secured by HTG’s 2.5-acre development site at 3100 North State Road 7.

Known as Arbor View, the project calls for a mid-rise apartment community with rent-controlled units reserved for the elderly. Some of the complex’s amenities include shuffleboard courts, a fitness center, dog park and a resort-style swimming pool.

Of the 100 apartments, 90 will be held for tenants earning below 60 percent of the area’s median income, according to the developer’s website. The remaining 10 will be reserved for tenants earning below 33 percent of that figure.

Construction is expected to start imminently, as evidenced by a notice of commencement filed with the county. State documents show the project’s total cost is estimated at $25 million, including a $3 million developer fee for HTG.

The Miami-based affordable housing developer paid $2.75 million for the land where it’s building Arbor View.

As recently reported by The Real Deal, low-income residential projects are notoriously difficult to fund. Developers often lean on lucrative tax credits granted by the state that can be sold to investors, which in turn helps build the capital stack needed to start construction.

While the majority of HTG’s funding for this project appears to be coming from the $17.7 million lent by TD Bank, a traditional lender, $3.5 million came from a consortium of banks acting under a non-profit called Neighborhood Lending Partners. Its 32 members help finance affordable housing projects to meet requirements set by the federal government’s Community Reinvestment Act.


Related Articles

arrow_forward_ios
Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

Jorge Pérez with renderings of the projects

Related Group, Atlantic Pacific seek approvals for mixed-use apartment projects

Daily Digest Miami

Partner at Miami law firm resigns amid conflict of interest allegation tied to zoning issue, Redfin will disclose commissions in this US city: Daily digest

(Credit: iStock)

Three arrested in South Florida affordable housing scam

Starwood Capital CEO Barry Sternlicht and the Summerlake Apartments

Starwood Capital pays $11M for affordable housing complex in Davie

Praxis of Deerfield Beach Apartments and MRK Partners CEO Sydne Garchik

Affordable senior housing in Deerfield Beach sells for $24M

Pinnacle partner David O. Deutch and Abbey Park at 1921 Abbey Road

Pinnacle sells affordable housing in West Palm to Fairfield Residential

Mayor Francis Suarez

Miami approves $7M in bond money for affordable housing

arrow_forward_ios