HTG JV Completes Affordable Senior Community
The 72-unit property is in an Opportunity Zone near Pensacola, Fla.
Shoreline Villas. Image by Jimmy Stewart, courtesy of HTG
Housing Trust Group and AM Affordable Housing have completed Shoreline Villas, a 72-unit fully affordable and age-restricted community in Fort Walton Beach, Fla. The property caters to seniors over the age of 62 earning between 33 and 60 percent of the area median income.
PQH Group served as the project’s architect, HTG Hennessy LLC as the general constructor and Choctaw Engineering as the engineering firm. Stiles Interior and Builders Design handled interior design and Booth Design Group was in charge of landscaping.
Project financing included $10.4 million in 9 percent low-income housing tax credit equity from JP Morgan Chase, with Raymond James serving as syndicator, as well as a $11.9 million construction loan and a $5.1 million permanent loan originated by JP Morgan Chase Bank.
The three-story building incorporates one- and two-bedroom apartments ranging between 650 and 873 square feet. The senior community features a 3,155-square-foot clubhouse, swimming pool, fitness center, theater room, two-story atrium, pickleball court and dog park, as well as a community garden and walking paths and picnic areas. Services provided include financial assistance, literacy training and employment assistance.
Located in an Opportunity Zone at 302 Dates Ave. NW, Shoreline Villas is some 40 east of downtown Pensacola, Fla. The surrounding area has several dining options and retail centers.
Housing Trust Group and AM Affordable Housing have recently broken ground on a 120-unit affordable and age-restricted community in Bradenton, Fla. Completion is expected in 2024.
