HTG Completes 4th Community in Miami-Dade County
The affordable housing developer finished work on Princeton Park, a 150-unit income-restricted property. The Florida Housing Finance Corp. provided part of the financing for the $36 million project.
Housing Trust Group has completed a 150-unit affordable housing property in south Miami-Dade County. Designed by Albert Cordoves with Corwil Architects, Princeton Park is already fully leased to households earning at or below 60 percent of the area’s median income, which is currently $50,820 for a family of four. The developer broke ground on the $36 million project in October 2017.
Located at 13105 S.W. 248 St. in the Princeton Community Urban Center District, the community is near Homestead, in an area that was once mostly farmland and single-family homes. The National Green Building-certified development consists of four three-story buildings, with amenities including a clubhouse, fitness center community room, dog park and swimming pool. Rents range between $411 and $1,104.
Funding for Princeton Park was possible with the use of 9 percent housing credits from the Florida Housing Finance Corp., which generated $23.7 million in equity from the National Equity Fund, in conjunction with SunTrust, a $3.5 million loan from Column Financial and a $23.3 million construction loan from Key Bank.
This is HTG’s fourth housing community in the county. However, the company has several other projects in South Florida. Late last year, HTG opened Arbor View, a 100-unit affordable housing project in Margate, Fla., that serves low-income individuals age 55 and over.