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

Miami /
Aug.August 10, 2017 11:30 AM

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.


Related Articles

arrow_forward_ios
Dan Deitchman and Koby Assaraf with a rendering of Industry | Oakland Park
Oakland Park developer partners with former Link Real Estate exec on new firm
Oakland Park developer partners with former Link Real Estate exec on new firm
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
Lennar Executive Chairman Stuart Miller (iStock)
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Renderings of the project (Group P6)
Group P6 lands $69M construction loan for Boca Raton project
Group P6 lands $69M construction loan for Boca Raton project
Ben Schachter, Sean Black and Mike Pappas (Signature, Getty, Keyes)
Knock expands home lending program into South Florida 
Knock expands home lending program into South Florida 
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
arrow_forward_ios

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

Loading...