Housing Trust Group finishes 100-unit first phase of 62-and-older community in Lakeland

The Coconut Grove-based firm assembled a mix of financing for its Twin Lakes Estates residential development for seniors
August 11, 2019 12:00PM

Twin Lakes Estates, phase one, in Lakeland

Coconut Grove-based Housing Trust Group (HTG) finished construction of the first 100 units at an affordable housing development in Lakeland for seniors age 62 and older.

HTG plans to start building another 132 units in the second phase of Twin Lakes Estates in Lakeland, which charges monthly rents from $491 to $786.

Twin Lakes Estates, located at 501 Hartsell Avenue near Lake Beulah, features such shared amenities as a computer and reading room, theater room, community room and picnic pavilion.

HTG assembled a mosaic of financing for the seniors-only housing project, which has 50 one-bedroom units and 50 two-bedrooms in its completed first phase.

U.S. Bank provided an $8.3 million construction loan for the first phase of Twin Lakes Estates.The Lakeland development also drew $3.7 million of permanent Freddie Mac financing through Walker & Dunlop, $6 million of four percent low-income housing tax equity via Raymond James, and a $1.2 million AHP loan from the Federal Home Loan Bank of San Francisco.

In addition, the Florida Housing Finance Corp. provided a $5 million state apartment incentive loan and a $294,000 extremely low-income loan. [MultiHousingNews.com]Mike Seemuth