HTG JV Kicks Off South Florida Affordable Development
Plans call for a 2024 completion of the $43.5 million project.
A joint venture between Housing Trust Group and Mount Hermon African Methodist Episcopal Church Inc. has broken ground on Mount Hermon Apartments, a 104-unit affordable senior housing development in Fort Lauderdale, Fla. The development cost is $43.5 million.
Architecture is provided by REP-R-TWAR, and HTG Gomez Construction serves as general contractor. Completion is slated for late 2024.
Financing for the development includes:
- $32.6 million in LIHTC equity syndicated through Raymond James
- $33 million construction loan through TD Bank
- $7.5 million permanent Freddie Mac loan through Berkadia
- $640,000 loan from the City of Fort Lauderdale
The seven-story property will incorporate one- and two-bedroom units ranging from 650 to 950 square feet. Apartments will be reserved for individuals 62 and over who earn at or below 25 and 60 percent of the area median income. Common-area amenities are slated to include a swimming pool, fitness center, clubroom and outdoor gathering space. Residents will also have access to supportive services such as 24-hour assistance, adult literacy training and resident assurance check in program.
Located at 750 NW Fourth St., the development site is close to Interstate 95, placing it roughly a mile from downtown Fort Lauderdale and 7 miles from Fort Lauderdale-Hollywood International Airport. The Brightline Fort Lauderdale train station is within walking distance of the property. Several dining and retail options can be found nearby.
President & CEO of HTG Matthew Rieger mentioned in prepared remarks the necessity of affordable residential options in Broward County. Nationwide, demand for age-restricted assets is also increasing, fueled by economic and demographic trends.