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

Miami /
Dec.December 20, 2016 12:00 PM

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
Clockwise from top left: One Sotheby’s Jorge Uribe, Compass' Ida Schwartz, Fortune International Group's Edgardo Defortuna and Royal Palm Companies' Dan Kodsi (Illustration by Kevin Rebong for The Real Deal)
Slowdown hits South Florida’s hot resi market: Here’s what that means
Slowdown hits South Florida’s hot resi market: Here’s what that means
(Illustration by The Real Deal with Getty Images)
South Florida’s June resi sales drop by double digits
South Florida’s June resi sales drop by double digits
(iStock/Illustration by The Real Deal)
Miami again ranks as nation’s least affordable housing market, followed by LA, NY
Miami again ranks as nation’s least affordable housing market, followed by LA, NY
US HUD Secretary Marcia Fudge (Getty, iStock)
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
Residential sales fall in Southern Florida
Residential sales fall in April across South Florida
Residential sales fall in April across South Florida
10061 Southwest 60th Court in Pinecrest with Dr. Robert DerHagopian (Google Maps, Miami Cancer Institute)
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
Miami breast cancer surgeon Robert DerHagopian sells Pinecrest house for $6M
2621 Flamingo Drive in Miami Beach with Mike Hezemans and Rita and Roman Shukhman (Compass, Wikipedia, Getty, LinkedIn)
Pro race car drivers sell Miami Beach spec house for $10M
Pro race car drivers sell Miami Beach spec house for $10M
Michael Dorrell, co-founder and CEO, Stonepeak Infrastructure Partners, in front of 235 Solano Prado in Coral Gables (The Jill Zeder Group, LinkedIn/Michael Dorrell)
New York investment firm founder pays record $34M for waterfront Coral Gables teardown
New York investment firm founder pays record $34M for waterfront Coral Gables teardown
arrow_forward_ios

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

Loading...