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Housing Trust Group nabs financing for $36M affordable rental project in south Dade

HTG closed on the 8.4-acre site for $3.25M earlier this month
August 10, 2017 11:30AM

Princeton Park rendering and Matt Rieger

Coconut Grove-based Housing Trust Group closed on construction financing for a $36 million affordable housing development in south Miami-Dade.

HTG plans to break ground on the 150-unit project at 13105 Southwest 248th Street in Princeton later this month, according to a press release. The developer will build Princeton Park using 9 percent low-income housing tax credits from Florida Housing Financing Corporation, $23.7 million from National Equity Fund and SunTrust, a $3.5 million loan from Column Financial and a permanent $7.3 million loan from Key Bank. That’s in addition to a $23.3 million construction loan.

Property records show HTG Princeton Park LLC paid $3.25 million for the 8.4-acre site earlier this month. The seller was Princeton Park Homes, led by Javier J. Cruz. It’s just west of a Florida Power & Light building and east of U.S. 1.

The development will be set aside for families earning 60 percent or less of the area median income, which is $45,300 for a family of four. Fifteen units will be for extremely low-income individuals earning 33 percent of the area median income, which is $24,915. Monthly rents will range from $384 for a one-bedroom to $984 for a three-bedroom apartment.

Princeton Park will be completed in a year and will remain affordable for 50 years.

Corwil Architects designed the garden-style apartment complex, which will feature a clubhouse with a fitness center, community room, work stations and swimming pool. Units will feature open floor plans with granite countertops and Energy-Star appliances.

In June, HTG and a Pennsylvania-based firm sold an affordable housing community in Dania Beach for $33 million. The Coconut Grove-based developer’s other projects include Arbor View in Margate and the Courtside Family Apartments in Overtown, the latter of which HTG developed with Alonzo Mourning’s AM Affordable Housing.

The U.S. Attorney’s Office has been looking into South Florida’s affordable housing industry. The expanding probe involves at least a dozen publicly subsidized developments by the Related Group and other developers, but has not involved HTG.