The Real Deal Miami

Posts Tagged ‘affordable housing’

  • Miami developers could see density bonuses for affordable and workforce housing

    Goal is to set aside 40% of the housing stock in the next five years as mixed-income
    January 13, 2017 12:45PM

    Downtown Miami (Credit Azeez Bakare Studios)

    The city of Miami is one step closer to rewarding developers who build moderate to low-income housing.

    On Thursday, the city commission voted 5-0 on first reading for a measure that would grant builders density bonuses for setting aside a number of units as workforce and affordable housing. [more]

  • Housing Trust Group scores $21M financing for new Broward senior apartments

    Units in the project will be rent controlled and reserved for the elderly
    December 20, 2016 12:00PM

    Rendering of Arbor View and Housing Trust Group CEO Matthew Rieger

    Matthew Rieger’s Housing Trust Group just nabbed the land and financing it needs to move forward with a new 100-unit senior housing development in Margate. [more]

  • Hollywood approves land sale for affordable senior rentals

    Pinnacle Housing Group will buy the land for $2.1M and borrow $578,000 from the city
    December 15, 2016 08:45AM

    Rendering of Pinnacle’s planned project and Mitchell Friedman, partner at Pinnacle

    Hollywood city commissioners on Wednesday unanimously agreed to sell city land for $2.1 million to Pinnacle Housing Group for the development of 120 below-market rental apartments for low-income senior citizens. [more]

  • Financing for market rate apartment projects becoming more difficult, experts say

    Jay Jacobson: “If you have a term sheet..., sign it. If you try to change it, they will pull out”
    December 13, 2016 03:45PM

    Miami. Inset: Albert Milo, Jay Jacobson and Marc Suarez

    As Miami’s real estate market continues to soften, multifamily developers will find it harder to obtain financing at a time the city desperately needs more apartments for low-to-middle income renters, according to industry experts who participated in a Bisnow forum Tuesday morning at the Atton Brickell Miami hotel. [more]

  • Affordable Oakland Park rentals to open next year

    Pinnacle Housing Group and a county affiliate are behind the $17 million development
    December 11, 2016 05:00PM
    Rendering of Oakland Preserve

    Rendering of Oakland Preserve

    Pinnacle Housing Group and a county-affiliated partner expect to open an affordable 80-unit rental housing development in Oakland Park in the fall of 2017.

    Monthly rents at the development, called Oakland Preserve, are expected to range from $706 for a one-bedroom unit to $846 for a two-bedroom and $978 for a three-bedroom.

    Applicants qualified to rent a residence at Oakland Preserve have income at least 60 percent below the area median. [more]

  • Housing Trust Group proposes South Dade rentals

    The Miami-based firm applied to Miami-Dade County to build 150 affordable apartments
    December 04, 2016 11:00AM
    Matthew Rieger

    Matthew Rieger

    Miami-based Housing Trust Group (HTG) proposed construction of an apartment complex with 150 units in southern Miami-Dade County.

    Matthew Rieger, chief executive officer of HTG, told the South Florida Business Journal that his company designed the project as an affordable rental development called Princeton Park.

    Rieger also told the newspaper that HTG plans to start construction in the April-June period next year if county officials approve the company’s application to build the Princeton Park apartment complex. [more]

  • Related advances apartment project in Fort Lauderdale with below-market rents

    The Miami-based developer plans to build 150 apartments, mostly with below-market rents
    December 03, 2016 03:30PM
    600 North Andrews Avenue (Credit: Brittany Walman / Sun-Sentinel)

    600 North Andrews Avenue (Credit: Brittany Walman / Sun-Sentinel)

    Broward County endorsed a plan by Related Group and a partner to lease county land at Andrews Avenue and Sistrunk Boulevard and build apartments there, most of them with rents below market rates.

    County commissioners voted November 29 to negotiate a land lease agreement with Miami-based Related Group and a company called Flagler Warehouse 1, co-owned by Doug McCraw, founder of the Flagler Arts and Technology Village, or FATVillage. [more]

  • Miami developer faces prison time for affordable housing scheme

    Sentencing guidelines for Greer's offense range from eight to 10 years
    December 01, 2016 09:45AM
    Overtown. Inset: Matthew Greer

    Overtown. Inset: Matthew Greer

    A member of Miami’s prominent Greer family apologized to a federal judge on Wednesday for his involvement in a major affordable housing scheme in Miami-Dade, as he awaits sentencing.  [more]

  • New Jersey investor pays $14M for affordable housing complex in Cutler Bay

    American Federated invested about $1M into complex before selling
    November 02, 2016 09:45AM
    Cutlerwood Apartments (Inset: broker Tal Frydman)

    Cutlerwood Apartments (Inset: broker Tal Frydman)

    A company tied to New Jersey-based Asden Investment Properties paid $14 million for an affordable housing complex in Cutler Bay.  [more]

  • Greystone lands $130M to rehab older Florida rentals

    Greystone Affordable Housing Initiatives LLC assembled the financing for Hallmark Companies
    October 23, 2016 11:00AM
    Hallmark Companies' McPine Apartments in Arcadia

    Hallmark Companies’ McPine Apartments in Arcadia (Source: Google)

    The affordable housing arm of Manhattan-based Greystone assembled $130 million of financing to rehabilitate 24 apartment properties in rural Florida, mostly in the central and northern regions of the state.

    A provider of recapitalization and rehabilitation services to owners of affordable housing, Greystone Affordable Housing Initiatives LLC assembled the $130 million financing package on behalf of Atlanta-based Hallmark Companies, the owner of the 1,058-unit portfolio of Florida apartments.

    The biggest component of the financing is proceeds from a $41.6 million tax-exempt bond issue by Osceola County, one of 12 Florida counties where Hallmark owns apartment buildings catering to low-income tenants. [more]