Housing Trust Group secured the financing for an affordable housing development in Hollywood.
HTG also broke ground on Hudson Village, an eight-story, 96-unit project planned for 901 South Federal Highway. It will have both affordable and workforce housing apartments. HTG expects to complete the building by August 2021.
The Miami-based developer closed on a $27.9 million construction loan from Chase Bank, $26 million in 9 percent low income housing tax credits from Florida Housing Finance Corporation, and a $9.75 million permanent loan from Walker & Dunlop through Freddie Mac, according to a release.
Hudson Village will have one- and two-bedroom apartments for residents earning 30 percent, 60 percent and 70 percent of the local area median income. Rents will range from $501 to $1,403 a month for those who qualify.
The project, designed by Corwil Architects, is south of Young Circle, near Hollywood’s Central Business District.
Amenities will include a 6,000-square-foot pool deck with a swimming pool, a barbecue area, a clubhouse with a catering kitchen and bar, media center, ping-pong table and pool table with access to an exterior terrace; a lobby with a community media room, a fitness center, package delivery room, bike storage room, and a three-story, 122-space parking garage.
Last month, French developer Prestigia Real Estate FJM Inc. advanced plans to build a 78-unit cluster of rental apartments and townhouses on city-owned land west of downtown Hollywood near city hall.
HTG, led by Matt Rieger, has a number of projects in the works.
In May, the developer closed on financing for a senior affordable housing development in Miami’s Overtown neighborhood, called Father Marquess-Barry Apartments.
HTG is also 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.