HTG scores financing for senior affordable housing in Overtown

60-unit project is expected to be completed by April 2021

TRD MIAMI /
May.May 21, 2020 03:30 PM
 Rendering of Father Marquess-Barry Apartments with Matt Rieger

Rendering of Father Marquess-Barry Apartments with Matt Rieger

Housing Trust Group closed on financing for a senior affordable housing development in Miami’s Overtown neighborhood.

HTG broke ground on the project, called Father Marquess-Barry Apartments, at 301 Northwest 17th Street. The 60-unit development is named after the late Rev. Canon Richard Marquess-Barry, the former pastor of The Historic St. Agnes Episcopal Church in Overtown, who died in March from coronavirus.

The financing includes a $13 million construction loan from TIAA Bank that will be replaced by $9.4 million in 9 percent Low Income Housing Tax Credit Equity that Raymond James is providing; a $6 million Freddie Mac loan through Walker & Dunlop; and $2 million in HOME funding from Miami-Dade County. The three-story project is expected to be delivered in April.

The affordable and workforce housing development will have one-and two bedroom apartments for residents who are 62 years of age or older. Six units will be reserved for residents earning at or below 28 percent of the area median income; 48 units for those earning at or below 60 percent of AMI; and six workforce housing units will be for those earning between 60 percent and 120 percent of AMI. Rents will range from $372 a month to $1,200 a month, and units will range from 684 square feet to 969 square feet.

Matt Rieger, president and CEO of HTG, said in a press release that the coronavirus pandemic has “exacerbated the city’s already dire affordable housing crisis” and that need for new affordable housing has never been greater than it is now.

HTG, along with Miami-Dade and the late Father Barry’s nonprofit, Rainbow Housing Corp., are partnering on the project. HTG secured a 99-year lease for the property, which is across the street from its Courtside Apartments.

Amenities will include a club room, fitness center, library and media center, lockers for package deliveries and an indoor mailroom, and bike racks.

HTG is working on plans to redevelop two existing public housing projects nearby in Overtown: Rainbow Village Apartments and Gwen Cherry 23C. Miami-Dade granted the developer a ground lease for the 10.4-acre property, and HTG could build more than 1,300 new affordable housing units on the site.

Earlier this year, HTG closed on financing for a $25 million affordable housing community in West Kendall, called Paradise Lakes Apartments. HTG also closed on $25 million in financing for Village View, a new senior affordable housing development in Fort Lauderdale’s Flagler Village.


Related Articles

arrow_forward_ios
Renderings of different versions of the project with Matt Rieger

HTG plans 1,000-unit affordable housing complex in Miami’s Overtown

HTG plans 1,000-unit affordable housing complex in Miami’s Overtown
Fortune International Group’s Edgardo Defortuna, Château Group’s Manuel Grosskopf and a rendering of the project

Fortune and Château score $119M refi for Sunny Isles condo project

Fortune and Château score $119M refi for Sunny Isles condo project
Rendering of 57 Ocean and Marcelo Kingston (Credit: DBOX)

57 Ocean in Miami Beach scores $59M construction loan

57 Ocean in Miami Beach scores $59M construction loan
Rendering of the project and from left: Vince Signorello, Ricardo Caporal and Greg West

Zom Living, partners score $57M loan for Ludlam Trail project

Zom Living, partners score $57M loan for Ludlam Trail project
Miami Mayor Francis Suarez (Credit: Eric Espada/Getty Images)

Miami commission approves rent, utility assistance for low-income households

Miami commission approves rent, utility assistance for low-income households
Rendering of the Ritz-Carlton Residences, Sunny Isles Beach with Manuel Grosskopf and Edgardo Defortuna

Ritz-Carlton Residences Sunny Isles developers pay off $212M loan

Ritz-Carlton Residences Sunny Isles developers pay off $212M loan
Johan Andreassen and Bjorn-Vegard Lovik with the facility

Homestead salmon farm reels in $210M construction loan

Homestead salmon farm reels in $210M construction loan
6405 West Boynton Beach Boulevard rendering, Pebb Enterprises President and CEO Ian Weiner

Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan

Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...