HTG scores financing for Hollywood affordable housing project

Financing includes $28M construction loan from Chase Bank

Miami /
Jun.June 18, 2020 09:57 AM
Housing Trust Group CEO and president Matt Rieger and Hudson Village renderings

Housing Trust Group CEO and president Matt Rieger and Hudson Village renderings

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.


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