Housing Trust Group (HTG) says it has closed on financing to begin construction on a new affordable housing development in Miami-Dade County.
The $36 million Princeton Park community, set to break ground this month at 13105 SW 248 St., will have all the units reserved for family households earning at or below 60 percent of the area median income, with 15 units set aside for extremely low income individuals at 33 percent AMI, the company says in an announcement published in Multi-Housing News (MHN).
The project designed by Corwil Architects is set to open in Aug. 2018, and will include 150 units of one, two and three-bedroom floorplans in four three-story buildings.
MHN reports that Princeton Park funding was provided through the use of 9 percent low income housing tax credits from the Florida Housing Finance Corp., $23.7 million in equity from National Equity Fund in partnership with SunTrust Bank, a $3.5 million loan from Column Financial, and a $23.3 million construction and $7.3 million permanent loan from KeyBank.
“We are excited to close on financing and begin construction of Princeton Park which, when completed, will be our finest affordable community to date,” Rieger told Multi-Housing News.
“We faced serious challenges over the past year, primarily due to the potential for corporate tax reform, which caused a tremendous drop in tax credit pricing. We were fortunate to be able to find enough other financing sources to be able to underwrite the transaction and are incredibly proud to be able to provide 150 new apartments to those citizens who need them most.”