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Housing Trust Group Secures Financing for Affordable Housing Community in Okaloosa County

11 June 2021
Shoreline Villas will deliver 72 apartments for seniors with monthly rents starting at $482

Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has closed on the acquisition and financing of Shoreline Villas, a new $15.6 million affordable housing community in Okaloosa County, just 10 minutes from the Panhandle city of Fort Walton Beach. Apartments at Shoreline Villas will be reserved for income-qualifying residents aged 62 years and older who earn at or below 33 and 60 percent of the area median income (AMI), with rents ranging from $482 to $1,053 per month. Construction has commenced at the property and is scheduled to be delivered in May of 2022.

 

“Fort Walton Beach, like many parts of the panhandle, is under-served where senior housing is concerned, and with more people moving to Florida every day, there continues to be considerable demand for affordable housing in the region,” said Matthew A. Rieger, President and CEO of HTG. “Shoreline Villas addresses this need for housing in the area and provides residents substantial savings on housing costs, while also providing several amenities and services that ensure a high standard of living.

 

Located at 203 Dates Avenue NW, the three-story garden-style community will offer a mix of one and two-bedroom units ranging from 650 square feet to 873 square feet. The community’s amenities will include an 800-square-foot, luxury-style swimming pool, putting green, pickleball court, fire pit, dog park, community garden and a walking path with a trellis area. In the 3,155-square-foot clubhouse on property, residents can access an activity room with a catering kitchen and bar, living room, theater, and fitness center. The clubhouse will open to a 1,127-square-foot covered patio overlooking the pool and outdoor amenities. In addition, residents will also have access to literacy training, financial assistance, and employment assistance services on-site.

 

Funding sources for Shoreline Villas include $10.4 million in 9% Low Income Housing Tax Credit Equity (LIHTC) provided by Raymond James, a $11.9 million construction loan and $5.1 million permanent loan, both provided by JP Morgan Chase Bank.

 

The project team for Shoreline Villas includes general contractor HTG Hennessy LLC, architect PQH Group, engineering firm Choctaw Engineering, landscape architect Booth Design Group, interior designer Cristina Stiles, and surveyors Panhandle Associates.

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