FIRST PHASE OF AFFORDABLE HOUSING DEVELOPMENT IN LAKELAND CELEBRATES GRAND OPENING
Twin Lakes Estates I replaces obsolete public housing with 100 modern,
affordable apartments for seniors
Lakeland, Fla. (August 6, 2019) – Housing Trust Group (HTG), one of the nation’s most prolific developers of affordable housing, and the Lakeland Housing Authority celebrated the grand opening today of Twin Lakes Estates I, 100 affordable apartments for seniors (age 62 and up). Monthly rents at Twin Lakes I will range from $491 to $786.
Twin Lakes Estates I is the first of three planned phases of the redevelopment of an aging public housing complex (formerly West Lake Apartments) into a new and modern development with a total of 318 one- and two-bedroom affordable apartments for seniors and families, along with multiple community amenities.
Twin Lakes Estates I consists of 50 one-bedroom and 50 two-bedroom apartments in a single, three-story, garden-style apartment building. Ten apartments will be set aside for senior residents earning at or below 45% of area median income (AMI). The remaining units are set aside for senior residents at or below 60% AMI. Eighty of the units are to be assisted with Project-Based Housing Vouchers. Amenities include a computer/reading room, community room with chef’s kitchen, theater room and a picnic pavilion with a BBQ grill within the building’s courtyard.
“This is an excellent example of how public and private entities can work together to build stronger, healthier communities,” said HTG President and CEO Matthew A. Rieger. “The affordable housing crisis that our nation faces hits seniors particularly hard, as they are often on fixed incomes and generally have greater healthcare needs. By providing our seniors with safe, clean and affordable places to live, we’re doing more than just putting a roof over someone’s head – we’re making it possible for grandparents to live closer to their grandchildren, and we’re making it possible for people to afford necessary life-saving medicines. It all connects, and it all begins with affordable housing.”
Twin Lakes Estates I was financed with an $8.3 million construction loan from US Bank backed by a Multifamily Mortgage Revenue Note issued by the State of Florida through Florida Housing Finance Corporation (FHFC); $3.7 million in permanent financing from Freddie Mac though Walker & Dunlop; $6 million of 4% low-income housing tax credit equity through Raymond James; a $1.2 million AHP loan from the Federal Home Loan Bank of San Francisco; and a $5 million State Apartment Incentive Loan and $294,00 Extremely Low Income loan, both from FHFC.
The first phase of development has created approximately 50 local construction jobs, and three permanent jobs on site. Phase two of the re-development – which will add 132 units for families – is slated to begin in Fall 2019.
About Housing Trust Group
Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities whose real estate transactions exceed $3 billion in commercial, land and residential developments across Florida, the Southeastern U.S., Arizona and Puerto Rico. HTG develops, builds and manages a diverse portfolio of affordable housing, workforce housing, market-rate housing, and mixed-use developments. For more information, please visit www.htgf.com.
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Housing Trust Group (HTG), a leading multifamily developer and Florida’s largest developer of affordable housing, is proud to announce the appointment of Karen Weller as Chief Financial Officer to its leading multifamily development team. HTG has developed over 7,000 affordable and market-rate units in the state, and has more than 2,000 in the pipeline.
Weller has extensive financial expertise leading both privately held and publicly traded companies in the real estate and hospitality sectors over the course of her 30-year career.
“We are pleased to have Karen Weller join our rapidly growing team as HTG expands nationally,” said Matthew A. Rieger, President and CEO of HTG. “Karen is a seasoned financial professional and her expertise in overseeing the complexities of real estate transactions will enable HTG to continue providing safe, clean and affordable housing to communities both in Florida and throughout the U.S. and Puerto Rico.”
Prior to joining HTG, Weller served as Vice President of Accounting for The Related Group, a large developer of affordable housing, rental, and luxury condo properties in South Florida, following her position as Associate Vice President of Finance at Royal Caribbean Cruises. In addition, she previously structured complex commercial mortgage-backed securitizations, subordinated commercial mortgage loans, and public debt offerings at LNR Property Corp. She spent over 11 years with Deloitte & Touche, where she participated in the international secondment program to work in the Caribbean and Central Europe before making a permanent home in South Florida.
Weller is a Certified Public Accountant (CPA) and Certified Treasury Professional (CTP), holds a Chartered Professional Accountant (CA) designation from Canada, and earned her Bachelor of Commerce degree from the University of Calgary.
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, announces the completion of Princeton Park, a new, $36 million, 150-unit affordable housing community in south Miami-Dade County. Apartments at Princeton Park are reserved for households earning at or below 60 percent of the area median income (AMI), which is currently $50,820 for a family of four. Rents for qualified residents range from $411 per month for a one-bedroom apartment to $1,104 per month for a three-bedroom apartment. The property is 100 percent leased.
Princeton, an area near Homestead that was once mostly farmland and single-family homes, has attracted a flurry of new real estate investment spurred on by Miami’s growing affordability crisis and plans to extend bus rapid transit further south by 2022.
“HTG recognized the urgent need for affordable, high-quality housing in the southern section of Miami-Dade County,” said Matthew Rieger, President and CEO of HTG. “In addition to being affordable, Princeton Park’s standout design is unequivocally modern and takes urban design principles to a new level.”
Designed by Albert Cordoves with Corwil Architects, Princeton Park consists of four three-story residential buildings and one clubhouse which features a state-of-the-art fitness center, a large multi-purpose community room, designated work stations, a dog park and a luxury swimming pool. Apartment units have open floor plans that include quartz countertops, modern flooring and a full-sized range of EnergyStar appliances. All residential buildings in Princeton Park are National Green Building Certified. Residents also have access to services and programs, including literacy training, family support coordinators, employment assistance, health and wellness services, and extracurricular activities such computer classes, game and movie nights and other entertainment events.
Funding for Princeton Park was possible with the use of 9% Housing Credits from Florida Housing Finance Corporation which generated $23.7 million in equity from National Equity Fund in conjunction with SunTrust, a $3.5 million loan from Column Financial and a $23.3 million onstruction loan, with a $6.7 million permanent loan from Key Bank. Development of the community created hundreds of construction jobs and six permanent jobs.
This is HTG’s fourth housing community in Miami-Dade County. The firm recently completed the national award-winning Courtside Apartments in partnership with Alonzo Mourning in Overtown in 2016 and Wagner Creek in Miami’s Health District in 2017. HTG has developed over 6,000 affordable and market-rate units and has more than 2,000 in the pipeline.
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has closed on financing and broken ground on a new workforce housing development, The Palms at Town Center, an 88-unit apartment community located at 470 Bulldog Drive in Palm Coast, Fla.
A groundbreaking ceremony will be held today, May 22, 2019, at 2:30 p.m. Officials providing remarks include Scott Osman, COO of HTG; Mayor Milissa Holland and former City Manager Beau Falgout of the City of Palm Coast; Jeffrey Douglas, President, Douglas Property & Development, Inc.; as well as representatives from Raymond James, Fifth Third Bank, and Chase Bank.
The property is designated for a combination of affordable and workforce housing, consisting of 32 units for families at or below 30 percent area median income (AMI), 8 units for at or below 60 percent AMI, and 48 units for at or below 80 percent AMI. Rents will range from $234 for a one-bedroom up to $1,101 for a three-bedroom apartment home. The reduced rents, made possible through the use of the federal LIHTC program and Florida SAIL program, will vary depending on each eligible resident’s income.
Funding sources for The Palms at Town Center include an $8.5 million SAIL loan from Florida Housing Finance Corporation, a $6 million construction loan from Fifth Third Bank, a $3 million construction loan that converts a to permanent loan from Chase Bank and $6.2 million in four percent housing credit equity from Raymond James Tax Credit Funds.
“The Palms at Town Center is HTG’s largest ‘workforce housing’ community, providing affordably priced apartments for residents who are not technically low-income but whose incomes are marginally above what would allow them to qualify for affordable housing,” said Matthew A. Rieger, President and CEO of HTG. “This is a demographic that we believe desperately needs attention, as these individuals – teachers, police, firefighters, service workers, and others – are the backbone of our society. We are pleased to be able to kick start Palm Coast’s Innovation District with the first new development in the area, which will help stimulate the local economy.”
The contributions of Mayor Milissa Holland and Interim City Manager Beau Falgout proved instrumental, alongside the support of Jeff and Walker Douglas with Douglas Properties, in the development of this new workforce apartment community.
The Palms at Town Center will be a garden-style development of 3 three-story buildings and a clubhouse. It is scheduled to be delivered in Q1 2020. The new community will offer a mix of units ranging from 30 one-bedroom, 50 two-bedroom and 8 three-bedroom units. Units feature open floor plans, full-sized Energy-Star appliances, ceiling fans, and washers and dryers. The property amenities include a swimming pool, volleyball court, dog park, playground, walking trails, clubhouse, media center, car canopies and grilling stations.
The construction and design team for The Palms at Town Center includes Fugleberg Koch of Winter Park (architect); Singhofen and Associates of Orlando (civil engineer); Foster Conant & Associates of Orlando (landscape architect); Christina Stiles Interiors of Maitland (interior designer); and Gomez Construction Company of Orlando (general contractor).
HTG has won several awards for its affordable housing properties throughout Florida, and currently has several other affordable housing communities in various stages of development across the U.S.
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, in partnership with award-winning Miami Jewish Health Systems (MJHS), one of the largest operators of independent and assisted senior living facilities in South Florida, held a grand opening today for Douglas Gardens V. Speakers at the event included Matthew A. Rieger of HTG, Johanna Suarez of MJHS, and Mayor Frank Ortis of the City of Pembroke Pines.
Douglas Gardens V is a new $36 million, 110-unit affordable community in Pembroke Pines, Fla. available to seniors (age 62 and up) with incomes at or below 60% of area median income. Rents range from $405 to $953 a month. The property is anticipated to be 100% leased by the end of this month due to the great need for affordable senior housing in Broward County.
“Douglas Gardens V would not have been possible without the critical support provided to HTG and Miami Jewish Health Systems from our partners at US Bank, Barings, the City of Pembroke Pines, Broward County and Florida Housing Finance Corporation,” said Matthew A. Rieger, President and CEO of HTG. “MJHS played an integral part of the development process, from facilitating site control to providing insight into the needs of the seniors they serve.”
Broward County is among one of the most expensive rental markets in the United States. A 2019 Rental Market Study conducted by the Shimberg Center for Housing Studies reported that nearly a third of Broward County renter households are cost-burdened – spending more than 40% of their monthly income on rent. This and other recent studies suggest that the problem has not materially improved in light of rising real estate prices.
“We applaud Miami Jewish Health Systems for taking a leadership role on a much-overlooked community health problem – the lack of affordable housing,” said Rieger. “There’s increasing evidence that access to safe, clean and affordable housing has a significant impact on overall health and mental well-being. By working together, HTG and Miami Jewish Health Systems can dramatically improve the lives of seniors on fixed incomes who are struggling to balance rising housing costs with increasing medical costs.”
Located at 705 SW 88th Avenue in Pembroke Pines, Douglas Gardens V offers one- and two-bedroom units ranging from 630 to 830 square feet. Community amenities include a multi-purpose community room, a Wi-Fi enabled computer lab and a private courtyard with landscaped pathways and gardens. Residents will also have access to services and programs, including health and wellness services, meal programs and extracurricular activities such computer classes, gardening, game and movie nights and other exciting events.
This is HTG’s third new senior housing community in Broward County. The firm recently completed Arbor View, a 100-unit affordable senior housing development in Margate, and developed the award–winning Village Place, a 112-unit affordable senior housing community in downtown Fort Lauderdale.
Housing Trust Group (HTG), a leading multifamily developer and Florida’s largest developer of affordable housing, is proud to announce that Executive Vice President Max Cruz has been named to lead all multifamily development activity in Florida. HTG currently has over 6,000 affordable and market-rate units in the state, and more than 2,000 in the pipeline.
“HTG’s rapid growth requires strong, experienced leadership here in Florida, where we continue to increase our capacity to meet the state’s tremendous demand for affordable housing,” said HTG’s CEO Matthew A. Rieger. “Max has proven himself an outstanding leader, able to identify opportunities, work collaboratively with communities and clients to meet their objectives, and ensure all of our communities meet the highest standards for building and design quality.”
Cruz, who is based in Miami and has over 19 years of real estate and development experience, has overseen the entitlement, development and construction of over 3,200 rental homes across Florida and closed on over $500 million of rental financing. He has also overseen the development of over 2,300 for-sale homes and $136 million of for-sale financing. Prior to joining HTG in 2018, he was a Vice President of Development for the Related Group’s luxury market rate division responsible for all aspects of real estate development from entitlement to completion.
Before Related, he was the Vice President of Development and Finance for the Cornerstone Group for over 12 years.
HTG’s development portfolio of over 6,000 units includes affordable housing for families and seniors, student housing, and market-rate for rent and for sale communities. HTG takes pride in developing high-quality affordable housing communities that enhance neighborhoods, create high-paying jobs, and empower its residents.
