NBA hall-of-famer Alonzo Mourning and Housing Trust Group scored a $55.4 million financing package for a Naranja affordable housing complex.
The deal comes as the duo has racked up financing in recent years for below-market rate rentals in Miami-Dade County.
Mourning, through his AM Affordable Housing, and Coconut Grove-based Housing Trust Group plan the 115-unit Artisan Pointe project at 26115 South Dixie Highway in an unincorporated area of south Miami-Dade County. The four-story complex is under construction with completion expected in January 2028, according to the developers’ news release.
The financing package includes $31.5 million in low-income housing tax credit equity, a $16.9 million permanent loan that Berkadia arranged, and $7 million from Naranja Lakes Community Redevelopment Agency, half of which is tax-increment funding, and the balance is a loan.
U.S. Bancorp provided a $39 million construction loan.
Artisan Pointe will be restricted to households earning at or less than 30 percent, 60 percent and 70 percent of the area median income.
This puts the monthly rent for a one-bedroom apartment for those earning 30 percent of the AMI at $766, and the rent for a two-bedroom unit for households at 70 percent of the AMI at $2,145, according to the developers’ news release. That’s a reprieve from Naranja’s average rents of $1,350 to $2,250 per month.
Miami-Dade’s AMI is $89,800, according to the Florida Housing Finance Corporation. South Florida’s median asking rent settled at $2,277 last month, Realtor.com’s report shows.
The project is the first phase of AM Affordable Housing and Housing Trust Group’s master-planned affordable development on a 4.3-acre site. The second phase is planned for 160 units.
An affiliate of Housing Trust Group bought the site for $10.4 million in March, records show.
Mourning, a former Miami Heat player, and Housing Trust Group have been building affordable complexes across South Florida for over a decade.
They obtained a $47 million financing package in February for the 96-unit Villa Jordana project, restricted as affordable housing for seniors, in Hollywood.
In Miami’s Overtown, they completed the 94-unit Courtside Apartments I and the 120-unit Courtside Apartments II.
As South Florida market-rate multifamily developers are hitting the brakes on construction, amid an oversupply that’s slowed lease-ups and suppressed rents, affordable and workforce housing developers are only pressing on. Demand is high amid South Florida’s housing crisis which was exacerbated due to a run up in rents during the pandemic-era influx of out-of-staters.
Another prolific affordable housing developer, Atlantic Pacific Companies, has several projects pending in Miami-Dade, including a 150-unit age-restricted development in West Perrine, a 120-unit project in Brownsville, and a 200-unit one along Northwest 79th Street.
Developers have seized on south Miami-Dade, as Mourning and Housing Trust Group did, because of more available land at lower costs compared to Miami’s urban core.
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Affordable housing
South Florida
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