Housing Trust Group (HTG) and its partners have closed on financing to build a $43.5 million affordable senior housing development in Fort Lauderdale, Florida.
Mount Hermon Apartments will be home to residents 62 and older who earn at or below 25% and 60% of the area median income, with rents ranging from $425 to $1,225 per month. The property is scheduled to be delivered in late 2024.
HTG, a leading developer of affordable housing, is collaborating on the project with Mount Hermon African Methodist Episcopal Church.
“The need for affordable housing in Broward County has become a critical issue,” said Matthew A. Rieger, president and CEO of HTG. “We are particularly grateful to be building Mount Hermon Apartments with the help of our committed partner, the Rev. Dr. Henry E. Green Jr. and the Mount Hermon AME Church. As a pillar in the community, the Rev. Green’s participation and support is instrumental to the long-term success of this development and helping address the demand for affordable housing options for the seniors of Broward County.”
The seven-story development will offer a mix of one- and two-bedroom units, ranging from 650 square feet to 950 square feet. The development will include a rooftop pool and an expansive deck with lounge seating, a state-of-the-art fitness center, a multipurpose clubroom with a kitchenette, and an outdoor community gathering space.
Mount Hermon Apartments also will provide its residents with an array of support services that include 24-hour resident assistance and a resident assurance check-in program, adult literacy training, and assistance with light housekeeping, grocery shopping, and laundry.
Funding sources include $32.6 million in 9% low-income housing tax credit equity syndicated through Raymond James Affordable Housing Investments, a $33 million construction loan through TD Bank, a $7.5 million permanent loan through Berkadia and Freddie Mac, and a $640,000 loan from the city of Fort Lauderdale.
The project team also includes general contractor HTG Gomez Construction, civil engineering and landscape firm Thomas Engineering, architect /REP|R|TWĂ„R/, and interior designer B. Pila Design Studio.
HTG is a full-service developer of multifamily residential communities whose real estate transactions exceed $3 billion in commercial, land, and residential developments across its home state of Florida as well as Arizona, Illinois, and Texas.