Coconut Grove-based Housing Trust Group (HTG) closed on financing for the second phase of construction at a new affordable apartment complex in west-central Florida.
HTG last year built 96 units in the first phase of the construction of Freedom Gardens in Brooksville, and the company will finish building another 94 units in phase two by June 2019.
Monthly rents for the phase-two units will range from $480 to $997 at Freedom Gardens at 932 Freedom Way in Brooksville.
In nearby Spring Hill, the Coconut Grove-based specialist in affordable housing just broke ground for a development called Hammock Ridge, with 92 affordable apartments.
The phase-two construction work at Freedom Gardens will add four mid-rise buildings with 10 units set aside for residents earning 40 percent of the area median income or less, and the other 84 units for residents earning 60 percent of area median income or less.
CitiBank financed phase two of Freedom Gardens with an $8.4 million construction loan and permanent financing up to $5.2 million.
Other phase-two financing for the HTG project included $5.9 million of housing credit equity through investment firm Raymond James, and through the Florida Housing Finance Corp., a $5.5 million State Apartment Incentive Loan (SAIL) loan and a $493,000 Extremely Low Income (ELI) loan. [The Tampa Bay Reporter] – Mike Seemuth