Housing Trust Group secured $25 million in financing for a new senior affordable housing development in Fort Lauderdale’s Flagler Village.
HTG closed on the financing on Monday for Village View, a 100-unit building that will be set aside for seniors ages 55 and older. The one- and two-bedroom apartments will be for seniors earning at or below 30 percent, 60 percent and 70 percent of the area median income. Rents will range from $402 to $1,236 a month, according to a press release.
The developer plans to break ground on the project, at 640 North Andrews Avenue, by the end of January. The financing includes funds from 9 percent Low Income Housing Tax Credit Equity provided by Raymond James, a construction loan from Capital One and permanent financing from Walker & Dunlop.
The building will have 68 one-bedroom apartments and 32 two-bedroom apartments, from 700 square feet to more than 1,100 square feet. Units on the first and third floors will have terraces, and all of the units will have washers and dryers, and full size Energy Star kitchen appliances. Residents will also have access to business centers, a pool, gym, media center, structured parking and on-site management.
Coconut Grove-based HTG plans to launch pre-leasing in the middle of this year and deliver Village View in the first quarter of 2021. It’s being designed by lead architect Corwil Architects with interiors by B. Pila Design Studio. ANF Group is the general contractor.
The project is one of the few new affordable housing developments in Flagler Village, a trendy Fort Lauderdale neighborhood. In 2014, HTG completed Village Place, a 112-senior housing community at 7210 Northeast Fourth Avenue.
Last fall, the Broward County Commission gave initial approval to a land use change that would make it easier for developers to build affordable housing.
In November, Atlantic | Pacific Communities closed on a $27 million loan from Bank of America for Sailboat Bend II, a 110-unit rental project for seniors ages 55 and older, on the New River near downtown Fort Lauderdale.
HTG, led by president and CEO Matthew Rieger, has more than 7,000 affordable and market-rate apartments in Florida, Georgia, Texas and Arizona, plus another 2,000 units in the pipeline.