Paradise Lakes Apartments will deliver 76 new affordable apartments and retail space

Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has closed on financing for Paradise Lakes Apartments, a new $25 million garden-style affordable apartment community with ground-floor retail space in the West Kendall section of Miami, Florida. Construction is slated to begin immediately.

Located at 8905 SW 169th Court, Miami, FL 33196, east of the intersection of Kendall Drive and Krome Avenue, Paradise Lakes Apartments will provide 76 affordable apartments set aside for residents earning between 30 and 80 percent of area median income. Monthly rent for qualifying residents will range from $401 to $1,443.

Funding sources for Paradise Lakes Apartments included $14.49 million in 9 percent Low Income Housing Tax Credit Equity (LIHTC) provided by City Real Estate Advisors; a $5.5 million loan from KeyBank, and $1.6 million in soft financing from Miami-Dade County. HTG purchased the 2.7-acre site in March of 2019 for $2.8 million. The property is expected to be delivered in April 2021, with pre-leasing set to begin in late 2020.

“West Kendall is a vibrant suburban neighborhood that hasn’t enjoyed any new affordable housing in a long time so there is tremendous pent up demand here,” said HTG President and CEO Matthew A. Rieger. “This is an outstanding location, close to the hospital, grocery stores, public transportation, and great schools. We’re excited to have the opportunity to create something beautiful that Miami’s working families can afford.”

This is Housing Trust Group’s fifth affordable housing development in Miami-Dade County. Other developments include the award-winning Courtside Apartments in Overtown; Wagner Creek in the Health District; Veranda Apartments in Homestead; and Princeton Park in the Princeton section of unincorporated Miami-Dade.

Paradise Lakes Apartments is a three-story building with elevator and 11,388 square feet of retail on the ground floor, with residential units on the second and third floors. It will consist of 56 one-bedroom, one-bath units, and 20 two-bedroom, two-bath units, ranging in size from 688 square feet to 1,108 square feet. Units will have washer/dryer hook-ups, full-size Energy-Star® appliances, luxury wide plank flooring, and balconies. Community amenities include a clubroom with a kitchen and lounge seating, state-of-the-art fitness center, business/computer room, a community garden with seating, smart storage lockers, electric car charging stations, bicycle racks and several activity areas.

The building and design team for Paradise Lakes Apartments is Modis Architects, HSQ Engineers and Gomez Construction Company. The property will be built to National Green Building Standards (NGBS).

About Housing Trust Group    

Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities with over 7,000 affordable and market-rate units and whose real estate transactions exceed $3 billion in commercial, land and residential developments across Florida, Georgia, Texas and Arizona. 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.

Paradise Lakes Apartments will deliver 76 new affordable apartments and retail space

Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has closed on financing for Paradise Lakes Apartments, a new $25 million garden-style affordable apartment community with ground-floor retail space in the West Kendall section of Miami, Florida. Construction is slated to begin immediately.

Located at 8905 SW 169th Court, Miami, FL 33196, east of the intersection of Kendall Drive and Krome Avenue, Paradise Lakes Apartments will provide 76 affordable apartments set aside for residents earning between 30 and 80 percent of area median income. Monthly rent for qualifying residents will range from $401 to $1,443.

Funding sources for Paradise Lakes Apartments included $14.49 million in 9 percent Low Income Housing Tax Credit Equity (LIHTC) provided by City Real Estate Advisors; a $5.5 million loan from KeyBank, and $1.6 million in soft financing from Miami-Dade County. HTG purchased the 2.7-acre site in March of 2019 for $2.8 million. The property is expected to be delivered in April 2021, with pre-leasing set to begin in late 2020.

“West Kendall is a vibrant suburban neighborhood that hasn’t enjoyed any new affordable housing in a long time so there is tremendous pent up demand here,” said HTG President and CEO Matthew A. Rieger. “This is an outstanding location, close to the hospital, grocery stores, public transportation, and great schools. We’re excited to have the opportunity to create something beautiful that Miami’s working families can afford.”

This is Housing Trust Group’s fifth affordable housing development in Miami-Dade County. Other developments include the award-winning Courtside Apartments in Overtown; Wagner Creek in the Health District; Veranda Apartments in Homestead; and Princeton Park in the Princeton section of unincorporated Miami-Dade.

Paradise Lakes Apartments is a three-story building with elevator and 11,388 square feet of retail on the ground floor, with residential units on the second and third floors. It will consist of 56 one-bedroom, one-bath units, and 20 two-bedroom, two-bath units, ranging in size from 688 square feet to 1,108 square feet. Units will have washer/dryer hook-ups, full-size Energy-Star® appliances, luxury wide plank flooring, and balconies. Community amenities include a clubroom with a kitchen and lounge seating, state-of-the-art fitness center, business/computer room, a community garden with seating, smart storage lockers, electric car charging stations, bicycle racks and several activity areas.

The building and design team for Paradise Lakes Apartments is Modis Architects, HSQ Engineers and Gomez Construction Company. The property will be built to National Green Building Standards (NGBS).

About Housing Trust Group    

Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities with over 7,000 affordable and market-rate units and whose real estate transactions exceed $3 billion in commercial, land and residential developments across Florida, Georgia, Texas and Arizona. 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.

HOUSING TRUST GROUP BOLSTERS PROPERTY MANAGEMENT DIVISION WITH THE APPOINTMENT OF TWO NEW EXECUTIVES

MIAMI (January 15, 2020) – Housing Trust Group (HTG), one of the nation’s leading developers of affordable housing, has appointed Laura Rodriguez to the role of Executive Vice President of Property Management and Debbie McCoy to Vice President of Property Management. Rodriguez and McCoy are based in Miami and will be responsible for overseeing the overall management and operation of the entire Housing Trust Group Management (HTGM) portfolio. 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 and Arizona, and more than 2,000 new apartments in the pipeline.

“We are thrilled to have Rodriguez and McCoy lead our property management division,” said Matthew A. Rieger, President and CEO of HTG. “Their extensive expertise in property management will drive value and ensure that HTG’s affordable and market rate communities meet the highest of standards and maximize resident satisfaction.”

Rodriguez began her career in 1996 and has over 23 years’ experience in the property management industry, previously serving as Regional Vice President of Alliance Residential, where she was responsible for managing operations of all Florida properties. Rodriguez also served as Regional Manager of ZRS Management for 12 years. Rodriguez earned a Bachelor’s degree in Psychology from University of Florida, and a Master’s degree with honors in Mental Health Counseling and Psychology from Nova Southeastern University.

McCoy started her property management career in 1988, and in 2004 she went on to serve as Regional Asset Manager of S.E. Residential Group for 11 years. Prior to joining HTG, McCoy served as the Regional Manager of Alliance Residential, where she was responsible for the management, budgeting, and financial review of the company’s multifamily communities throughout Florida. McCoy holds a Real Estate Broker license and Community Association Management license in the state of Florida. McCoy’s coursework and certifications include Fair Housing, Tax Crediting, and marketing.

Lakeland, Fla. (December 20, 2019) – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has officially broken ground on the second phase of Twin Lakes Estates, an affordable housing community for families and seniors that when complete will deliver a total of 318 one-,two- and three-bedroom affordable apartments for seniors and families in three phases. The first phase of Twin Lakes, was completed in August of this year, delivered 100 affordable apartments for seniors (age 62 and up). Phase two will deliver 132 affordable apartments for families, along with various amenities, with monthly rents ranging from $437 to $908 for qualified residents.

The total cost of Phase II development is $23,915,000, and the community will be delivered in December 2020.

Located at 501 Hartsell Avenue in Lakeland, FL Twin Lakes Estates is a partnership between Housing Trust Group and the Lakeland Housing Authority to redevelop an aging public housing complex on the southern tip of Lake Beulah (formerly West Lake Apartments) into a new, affordable community with state-of-the-art amenities. The official groundbreaking ceremony for the second phase was held at 9:30 a.m. on Wednesday December 4, 2019.

“We applaud the Lakeland leadership for their vision and commitment to the abundance of new affordable housing in their community,” said HTG President and CEO Matthew A. Rieger. A rare, large-scale development like Twin Lakes Estates with over 300 units will make a true impact in solving the affordable housing crisis.”

Phase two of Twin Lakes Estates was financed with a $12.1 million construction loan from TD Bank; $8.4 million of 4% low-income housing tax credit equity through Raymond James; a combined $6.6 million State Apartment Incentive Loan (SAIL) and Extremely Low Income (ELI) loan, both from Florida Housing Finance Corporation (FHFC); and a $790,000 loan from Lakeland Housing Authority. The development also involved The Department of Housing and Urban Development (HUD) approvals for mixed financing.

The second phase of Twin Lakes Estates will consist of 22 one-bedroom, 62 two-bedroom and 48 three-bedroom apartments in eight three-story, garden-style apartment buildings. Fourteen apartments will be set aside for residents earning at or below 40% of area median income (AMI), with the remaining 118 units set aside for residents at or below 60% AMI. Amenities for the second phase include a fully loaded 3,446-square-foot clubhouse with a large community room and catering kitchen, a lounge room and computer lab. Outdoor amenities include a picnic pavilion, walking promenades and a playground.

The building team for Twin Lakes Estates – Phase II is The Lunz Group, Boggs Engineering, and HTG Rodda, LLC.

HOUSING TRUST GROUP COMPLETES NEW AFFORDABLE SENIOR HOUSING COMMUNITY IN PALM BEACH COUNTY

Heron Estates Senior delivers 101 new affordable apartments in the City of Riviera Beach

Riviera Beach, Fla. (December 2, 2019) – Housing Trust Group (HTG), one of the nation’s most prolific developers of affordable housing, announces the completion of Heron Estates Senior, a new 101-unit, $24 million affordable housing community for seniors in the City of Riviera Beach in northern Palm Beach County, Florida.

A partnership between Housing Trust Group and the Riviera Beach Housing Authority, the new community located at 2003 West 17th Court offers one- and two-bedroom apartments to senior renter households (62 and older) earning at or below 60% of area median income. Rents range from $344 to $859 per month and the property is presently 99% leased.

Matthew A. Rieger, President and CEO of HTG, commented, “The City of Riviera Beach has struggled for too long from a shortage of high-quality, affordable housing. We’re excited to start a new chapter in the city’s rich history by creating a safe, attractive and affordable place for active seniors to thrive.” 

Heron Estates Senior is a three-story, garden-style community completed with an array of amenities including a swimming pool and jacuzzi spa, multipurpose community room, state-of-the-art fitness center and WiFi enabled computer center. Residents will have access to a free on-site computer training, daily activities and assistance with light housekeeping, and laundry. 

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 and Arizona, and more than 2,000 new apartments in the pipeline. HTG’s award-winning properties include Covenant Villas in Belle Glade, Village Place in Fort Lauderdale, and  Courtside Apartments in historic Overtown neighborhood of Downtown Miami.

Heron Estates Senior was financed with 4% Non-Competitive Housing Credits and a $5.7 million SAIL and ELI loan from Florida Housing Finance Corporation; $12 million of multifamily housing tax exempt bonds from the Palm Beach County Housing Finance Authority, which were purchased by JP Morgan Chase to help finance the costs of land acquisition and construction; $10 million of housing credit equity from City Real Estate Advisors (CREA); a $115,000 SHIP loan from the Palm Beach County Department of Economic Sustainability; and a $1 million loan for construction and permanent financing from the Riviera Beach Housing Authority. The development team included David Lawrence Architecture as architect, Wantman Group, Inc. as engineer, and Gulf Building, LLC as general contractor.

HOUSING TRUST GROUP APPOINTS EXECUTIVE TO LEAD AFFORDABLE HOUSING DEVELOPMENT IN GEORGIA

Charice Heywood is the fifth developer appointed to HTG’s national team in 2019

MIAMI/ATLANTA (November 25, 2019) – Housing Trust Group (HTG), one of the nation’s leading developers of affordable housing, has appointed Charice Heywood to the role of Vice President of Development in Georgia. In this role, Heywood, who is based in Atlanta, will be responsible for development of affordable housing communities throughout Georgia. 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 and Arizona, and more than 2,000 new apartments in the pipeline.

“We are pleased to have Charice lead the charge in Georgia,” said Matthew A. Rieger, President and CEO of HTG. “Her extensive expertise and knowledge in real estate and finance will enhance HTG’s ability to identify and secure compelling and financially sound development opportunities in the Georgia market, and help HTG make significant strides to alleviate the nation’s affordable housing crisis.”

According to the National Low Income Housing Coalition, Georgia has a deficit of approximately 204,000 rental homes affordable and available for extremely low income renters.

Heywood has over 30 years’ experience in the real estate and finance industry, previously serving as the Vice President of Finance for HTG from 2016 to 2017, where she was responsible for establishing financial structuring, operating budgets and financial analysis of HTG’s affordable multifamily properties. Heywood began her robust real estate finance career in 1988, serving as vice president of SunTrust Community Capital of SunTrust Banks, Inc. for ten years. In addition, Heywood was president of Mercy Housing Inc. Southeast for three years, where she oversaw financial structuring and planning of affordable housing developments, asset management and resident services. Heywood also gained keen experience in the affordable housing finance field while serving as an affordable housing program specialist for the Georgia Department of Community Affairs for two years, as well as senior vice president and Georgia program director of Neighborhood Lending Partner’s Inc.

Heywood earned a bachelor’s degree in business administration and accounting from Georgia State University and a master’s degree of taxation from University of Georgia. In addition, she completed the SunTrust Commercial Banking Training Program from SunTrust Commercial Real Estate School.