HTG JV Tops Out $115M Affordable Miami Project

A joint venture between Housing Trust Group and Elite Equity Development has topped out Naranja Grand Community, a two-phase, $115 million, 320-unit affordable housing development in metro Miami.

Naranja Grand will consist of a 120-unit senior community and a 200-unit affordable housing building. The first broke ground in January with completion expected in the spring of next year, while the second followed suit in April and construction is slated to wrap up in the third quarter of 2025.

The development team includes ATL Architecture, Gomez Construction, EAC Consulting, Builders Design, as well as EGS2.

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Income-qualifying seniors aged 55 and over who earn at or below 30, 60 and 70 percent of the area median income will be eligible for the senior housing project. Monthly rents will range between $580 and $1,625.

Apartments inside the affordable multifamily project will be reserved for residents who earn at or below 22, 30, 60 and 70 percent of AMI. Rates will vary from $425 to $1,878.

Both National Green Building Standard Certified properties will rise eight stories. The senior housing project’s floorplans call for one- and two-bedroom units spanning north of 117,000 square feet, while the affordable development is set to comprise one- to three-bedroom units encompassing more than 212,000 square feet.

Each development will include its own multipurpose community room with a catering kitchen, as well as a gym and outdoor recreational areas. A theatre room and game area will be specific for the senior project, while the multifamily one is slated to include a cyber cafe and swimming pool.

The first phase will feature Resident Assurant Check-Ins, assistance with light housekeeping and grocery shopping, as well as various community events. Phase two will provide residents with financial management, employee assistance programs and adult literacy classes.

Located at 28050 SW 147th Ave., the project is some 30 miles southwest of downtown Miami. Future residents can access several transit stops within walking distance. Various parks and lakes can be found within 2 miles.

Funding a Miami-affordable project

Combined funding for the two affordable phases includes:

• $42.7 million construction loan originated by TD Bank
• $34 million in 4 percent State Apartment Incentive Loan (SAIL) LIHTC syndicated through U.S. Bank
• $26 million in 9 percent LIHTC syndicated through Raymond James
• $25.4 million permanent Freddie Mac note through Berkadia
• $20 million construction loan issued by JPMorgan Chase & Co.
• $11.9 million viability loan issued by Florida Housing Finance Corp.
• $7 million loan from the Miami-Dade County Affordable Housing Surtax Program
• $5 million SAIL note
• $2.5 million self-sourced loan from HTG and EED
• $1.5 million note from the National Housing Trust Fund
• $600,000 Extremely Low Income loan

Another Greater Miami affordable project by Housing Trust Group is slated to come online in the spring of 2025. University Station, a $100 million development in Hollywood, Fla., also received funding from the Florida Housing Finance Corp. and SAIL, among other sources.

More funds needed for affordable housing in Miami

According to a 2020 report by Miami Homes for All, 35 percent of households in Miami-Dade County earned less than $35,000 a year; of these, 84 percent were cost-burdened—spending more than 30 percent of income on rent or mortgage.

At that point, the report also showed a rental unit shortage of more than 120,000 apartments catering to residents that earn at or below 50 percent AMI. Projections raised the figures to more than 209,000 units by 2030.

Earlier this year, Miami Homes for All released another report showcasing 101 affordable housing projects that do not yet have the necessary gap funding required. About $1.5 billion would be needed for the communities’ construction, which would add a total of 13,691 affordable units to the pipeline.