Housing Trust Group (HTG), a leading multifamily developer, has closed on financing and commenced construction on Naranja Grand, a new $44 million affordable senior community with 120 units in Leisure City, Miami-Dade County, Florida.
Serving as the inaugural phase of a two-phase development, Naranja Grand is a collaborative effort between HTG and Miami Lakes-based Elite Equity Development, Inc., marking a significant stride towards addressing the pressing need for affordable and workforce housing in Miami-Dade County.
Apartments at Naranja Grand will be reserved for income-qualifying residents aged 55 and older who earn at or below 30, 60, and 70 percent of the area median income (AMI). Monthly rents will range from $580 to $1,625. Construction is scheduled to commence in January 2024, and the property is expected to be completed by Spring 2025.
“With rising rents at record rates all throughout Miami-Dade County, there is an overwhelming demand for affordable and workforce housing as workers and seniors are priced out of the urban core,” said Matthew Rieger, President and CEO of HTG. “Naranja Grand reflects our commitment to being a viable solution to this longstanding issue.”
Spanning more than 117,000 square feet, residents will enjoy a range of amenities, including a spacious multipurpose community room that includes a theatre room, game area, and catering kitchen, a state-of-the-art fitness center, outdoor recreational areas, dog park, and modern, chic finishes throughout. The National Green Building Standard Certified-property will feature energy-efficient lighting and appliances.
Complementing the residential offerings, Naranja Grand will provide residents with an array of complimentary on-site programs, such as Resident Assurant Check-Ins, assistance with light housekeeping, grocery shopping, laundry, and various community events and daily activities.
Phase II will consist of 200 units dedicated to families where upon completion, residents of Naranja Grand will have pool access at the southern end of the family community.
Funding sources include $26 million in 9% Low-Income Housing Tax Credits (LIHTC) equity syndicated through Raymond James, a construction loan of $26.2 million provided by TD Bank, a permanent Freddie Mac loan of $9 million through Berkadia, a Florida Housing Finance Corporation Viability Loan of $4.3 million and a loan of $3 million from the Miami-Dade County Affordable Housing Surtax Program.
The design and construction team for Naranja Grand includes ATL Architecture, general contractor Gomez Construction, engineer EAC Consulting, interior design by Builders Design, and landscape architecture by EGS2 Landscape Architecture.
