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Bradenton, Fla. (Oct. 24, 2019) – Housing Trust Group (HTG), one of the nation’s largest developers of multifamily communities, celebrated the grand opening of The Addison, a $22 million development in Bradenton, Florida. The Addison offers 77 affordable apartments and 13 market-rate apartments, with monthly rents ranging from $299 to $1,325, depending on residents' income.
Public officials, community members and guests gathered this morning at the property located at 702 6th Avenue East for an official ribbon-cutting reception. During the ceremony, Housing Trust Group, thanked Manatee County, the City of Bradenton, Mayor Wayne Poston, and Congressman Vern Buchanan for recognizing the dire need for affordable housing in their community and championing this development. HTG broke ground on the development in June 2018.
"Bradenton, like many cities in Florida, is suffering from a severe shortage of affordable housing,” said Matthew A. Rieger, President & CEO of HTG. “We've been working hard to design and build a community that provides residents with new, safe and clean affordable and workforce housing.”.
The Addison, a mid-rise building, is 100% leased and comprised of 25 one-bedroom apartments; 52 two-bedroom apartments; and 13 three-bedroom apartments ranging in size from 607 sq. ft to 1,142 sq. ft. Fourteen units were set aside for residents earning at or below 30 percent of area median income (AMI); Twenty-one for residents earning at or below 60 percent of AMI; forty-two units earning at or below 70 percent area median income (AMI) and the remaining thirteen are market-rate units. Amenities at The Addison include a state-of-the-art fitness center, club room, locker storage, resort-style pool, dog park, playground, media center and 650 square feet of retail space, which will be leased to a professional tax and insurance preparer.
The project team for The Addison included local South Florida firms such as Place Architecture, Hennessy Construction, Vickstrom Engineering, and interior designer, Christina Stiles.
Pasco County, Fla. (Sept. 26, 2019) – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has closed on financing and broken ground on Osprey Pointe, a 110-unit affordable apartment community located in Dade City, approximately 45 minutes northeast of Tampa. Most of the units (99) will be set aside for residents earning at or below 60% of the Pasco County area median income (AMI) and 11 units will be set aside for those earning at or below 40% AMI. Rents will range from $502 to $1,044 per month. The property is scheduled to have units available by April 2020.
The $32.8 million development is being financed through a combination of 4% low income housing tax credits (LIHTCs), a construction loan by Fifth Third Bank and a permanent loan from Key Bank. Pasco County also contributed a SHIP loan in the amount of $50,000, and Florida Housing Finance Corporation awarded the development $6 million in SAIL funds and $556,900 in ELI funds.
“These new apartments will help ease the financial burden on Pasco County’s hard-working families and provide much-needed, high-quality housing to the community,” said HTG President and CEO Matthew A. Rieger. “We’re grateful to Pasco County officials for recognizing the dire need for safe, clean and affordable housing in their neighborhoods and working with us to secure the necessary financing to bring this development to fruition."
HTG estimates the new development will create 200 construction jobs and at least three long-term/permanent positions.
Located at 13021 US Highway 301 in Dade City, Osprey Pointe will offer one-, two- and three-bedroom apartment homes ranging from 675 to 1,151 square feet. Community amenities include a fitness center, tot lot, dog park, ample green space, gathering rooms and a swimming pool.
HTG has delivered over 7,000 affordable apartments to Florida residents since its inception, and currently has several other affordable communities under development including The Addison in Bradenton, Isles of Pahokee in Palm Beach County, and The Palms at Town Center in Palm Coast, Fla.
HOUSING TRUST GROUP COMPLETES SECOND PHASE OF AFFORDABLE APARTMENT COMMUNITY NEAR TAMPA
Freedom Gardens in Brooksville delivers 190 new apartments for families
Brooksville, Fla. (September 5, 2019) – Housing Trust Group (HTG), one of the nation’s leading developers of affordable housing, announces the completion of the second and final phase of Freedom Gardens, an affordable apartment community located in Brooksville, an hour north of Tampa, FL. HTG completed the first phase of the development in 2017, consisting of 96 affordable apartments, and broke ground on 94 additional apartments last year.
The majority of the apartments are set aside for residents earning at or below 60 percent of area median income (AMI), with 10 units for residents earning at or below 40 percent of AMI. Monthly rents range from $503 to $1045, and the community is fully leased.
“Access to affordable housing continues to be one of Florida’s most pressing economic and social challenges,” said HTG President and CEO Matthew A. Rieger. “We’re grateful that Hernando County and the City of Brooksville recognized the dire need for safe, clean and affordable housing, and partnered with HTG to create a high-quality residential community that residents and the community can be proud of.”
Located at 932 Freedom Way, Freedom Gardens is a garden-style, mid-rise property with one-, two- and three-bedroom apartments. The centerpiece of the community is a 4,806-square-foot Grand Clubhouse with a cyber café, 1,000-square-foot pool, after-school care, laundry facility, exercise room, walking path, central community gathering area and a pet park.
Freedom Gardens II was financed with an $8.4 million construction loan from CitiBank backed with a Multifamily Mortgage Revenue Note from Florida Housing Finance Corporation; permanent financing from CitiBank of up to $5.2 million; $5.9 million of housing credit equity (4%) through Raymond James; and a $5.5 million State Apartment Incentive Loan (SAIL) and a $493,400 “Extremely Low Income” (ELI) loan, both through Florida Housing Finance Corporation.
MULTIFAMILY DEVELOPER HOUSING TRUST GROUP APPOINTS CHRIS SUAREZ AS SENIOR VICE PRESIDENT OF DEVELOPMENT
MIAMI (September 4, 2019) – Housing Trust Group (HTG), Florida’s most prolific developer of affordable housing, is proud to announce that Chris Suarez has been appointed Senior Vice President of Market Rate Development. In this role, Suarez will be responsible for acquisitions and development of HTG market rate properties throughout the U.S.
HTG is an award winning full-service developer of multifamily residential communities with over 7,000 affordable and market-rate units throughout Florida, Georgia, Texas, Arizona and Puerto Rico, and more than 2,000 new apartments in the pipeline.
“We are pleased to welcome Chris Suarez to our growing HTG team,” said Matthew A. Rieger, President and CEO of HTG. “His extensive expertise will enhance HTG’s ability to identify compelling development opportunities and ensure all HTG properties maintain superior standards for construction and design.”
Suarez began his real estate career in 2004 and has a diverse set of experience in acquisitions/dispositions, recapitalizations, development, asset management, joint ventures and operations. During his 15 year career, Suarez has acquired, capitalized and financed over $500 million of real estate assets including retail, office, multifamily, industrial, hotel, residential and self-storage.
Prior to joining Housing Trust Group, Suarez was Senior Vice President of the South Florida region for Lincoln Property Company, an international Real Estate Firm. In addition, Suarez was previously the Vice President of Acquisitions for Rialto Capital Management, a real estate investment, management, development and finance company headquartered in Miami, Florida.
Suarez earned a bachelor’s degree in economics and political science from Brown University. He also holds his Real Estate Sales Associate license in the state of Florida.
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.
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(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.