Margate, Fla.—Housing Trust Group closed on financing and started construction on its new $25 million senior housing community in Margate, Fla. Arbor View, located at 3100 N. State Road 7, is a 100-unit community sitting on 2.5 acres of land. Offering 64 one-bedroom and 36 two-bedroom apartments ranging from 715 to 915 square feet, the asset features amenities such as a swimming pool, shuffleboard courts, a community room, a state-of-the-art fitness center, a dog park, a computer lab and a fitness trail.
HTG acquired the vacant tract to develop the property for $2.75 million, while other funding sources include a $17.7 million construction loan from TD Bank, a $3.5 million loan from non-profit Neighborhood Lending Partners that will convert to a permanent loan and over $19 million of 9 percent Low Income Housing Tax Credit equity purchased by Raymond James Tax Credit Funds.
“Arbor View will set a new standard for luxury affordable housing in South Florida,” Matthew Rieger, HTG’s president & CEO told Multi-Housing News. “This community underscores what can be achieved when the public and private sectors collaborate to solve what many may see as a seemingly unsolvable affordable housing problem and in doing so, open a new horizon of hope for deserving seniors.”
The property was designed by local South Florida architectural firm Corwil Architects and is being constructed by Current Builders. RPJ Inc., M.A. Suarez & Associates and HSQ also rounded out the design team.
HTG recently completed construction on Courtside Family Apartments in Miami and has five other affordable housing communities currently under construction in Florida including Wagner Creek in Miami, Freedom Gardens in Brooksville, Park at Wellington Phase I and II in Holiday and Covenant Villas in Belle Glade.
Image courtesy of Housing Trust Group