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

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

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.

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