Housing Trust Group Closes on Financing of Valencia Grove in Eustis
- Dec 04, 2015
Housing Trust Group has recently closed on the financing of Valencia Grove, a $21 million, 144-unit affordable housing community targeting the workforce population in Eustis, Fla. Project funding sources include a 4 percent SAIL loan, an ELI GAP loan from Florida Housing Finance Corp., a grant from the City of Eustis, US Bank providing the Tax Credit Equity and SunTrust providing the debt through tax-exempted Multifamily Revenue State Bonds. The real estate developer is the parent company of various affiliated real estate companies focused on markets in Florida, Southeastern US and Arizona. Their portfolio includes affordable to market-rate residential housing, retail and mixed-use assets, as well as vacation resort communities.
Located on the northwest corner of Huffstetler Drive and Kurt Street, the property will add a mix of one-, two- and three-bedroom units to the local affordable rental housing inventory. Amenities will include a clubhouse, playground, volleyball court, outdoor pool, dog park and car wash. The development will incorporate green building features in the roof and Energy Star windows. Depending on the income levels of tenants, rents will range from $358 to $790.
“Valencia Grove is the only currently allocated new affordable housing development in Lake County, and it will bring to the County dozens of new jobs and over $13 million in federal or State funding sources to the local economy,” Matthew Rieger, president & CEO of Housing Trust Group, said in a prepared statement.
Construction on the project, which broke ground on November 30, is expected to be complete in 13 months.
Rendering courtesy of Tampa Bay Newswire