HTG, partner score construction financing for affordable housing in Pembroke Pines

Monthly rents at the senior housing development will range from $405 to $953

TRD MIAMI /
Jan.January 23, 2018 10:30 AM

Rendering of Douglas Gardens V and HTG’s Matt Rieger (Credit: HTG)

A joint venture between Housing Trust Group and Miami Jewish Health Systems just scored $36.1 million in construction financing for an affordable senior housing community in Pembroke Pines, according to a press release.

The 110-unit Douglas Gardens V project at 709 Southwest 88th Avenue will be set aside for families earning 60 percent or less of the area median income, which amounts to about $36,000 a year, Matt Rieger, president of HTG, said.

Douglas Gardens will be built using a $13 million construction loan from US Bank; $8.9 million of permanent financing from Barings Mass Mutual; $8.44 million of tax credit equity through US Bancorp; and $5.78 million from the Florida Housing Finance Corporation.

Rents at the one- and two-bedroom apartments will range from $405 to $953 per month, according to the release. Amenities will include a community room, a computer lab, a private courtyard with landscaped pathways and private gardens.

Miami Jewish Health Systems, a nonprofit that operates nursing homes and assisted living facilities, also built the nearby Douglas Gardens North assisted living facility under the U.S. Department of Housing and Urban Development’s Section 202 program. In December, it broke ground on a $200 million renovation and expansion of its Buena Vista campus in Miami.

Douglas Gardens is HTG’s fifth senior housing community in Broward County, according to the release. The Coconut Grove-based developer also built Village Place in downtown Fort Lauderdale, and is completing Arbor View, a senior housing community in Margate.


Related Articles

arrow_forward_ios
Lloyd Jones’ CEO Chris Finlay with Ventura Pointe

Lloyd Jones pays $56M for Pembroke Pines apartment complex

Raanan Katz and 11460 Pines Boulevard (Credit: Google Maps)

Raanan Katz buys Pembroke Pines shopping center

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

(Credit: iStock)

Hot demand: Pembroke Pines self-storage facility sells for $13M

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

arrow_forward_ios