Housing Trust Group (HTG), a leading multifamily developer, has closed on financing and commenced construction on Naranja Grand II, a new $71 million affordable apartment community comprised of 200 residences in Southwest Miami-Dade County, Florida.
A joint endeavor between HTG and Miami Lakes-based Elite Equity Development, Inc. (EED), Naranja Grand II is the second phase of a comprehensive two-phase development and addresses a critical need for affordable and workforce housing in Miami-Dade County. The first phase of Naranja Grand — which caters to seniors aged 55 and older — commenced construction in January on its 120 residences.
Apartments at Naranja Grand II will be reserved for income-qualifying residents who earn at or below 22, 30, 60, and 70 percent of the area median income (AMI). Monthly rents will range from $425 to $1,878. Construction is slated to commence in April 2024, and the property is expected to be completed in Q3 2025, with leasing to begin in the Summer of 2025.
“Amidst escalating rental costs, population growth, and a noticeable shift southward in Miami-Dade County, there’s an urgent demand for affordable and workforce housing,” said Matthew Rieger, President and CEO of HTG. “Naranja Grand epitomizes our dedication to addressing this challenge head-on and offering relief to this persistent issue. This second phase will ensure that we continue to deliver essential housing for families in search of high-quality affordability.”
Complementing the residential offerings, Naranja Grand II will offer residents a variety of complimentary on-site programs, such as financial management and employee assistance programs, as well as adult literacy classes.
Funding sources include: $34 million in 4% SAIL Low-Income Housing Tax Credits (LIHTC) equity syndicated through US Bank, a construction loan of $20 million provided by JPMorgan Chase & Co., a construction loan of $16.5 million provided by TD Bank, a permanent Freddie Mac loan of $16.4 million through Berkadia, a Florida Housing Finance Corporation Viability Loan of $7.6 million, a $5 million State Apartment Incentive Loan (SAIL), a loan of $4 million from the Miami-Dade County Affordable Housing Surtax Program, a $1.5 million National Housing Trust Fund (NHTF) loan, a $600,000 Extremely Low Income (ELI) loan, and a $2.5 million combined self-sourced loan from HTG and EED.
The design and construction team for Naranja Grand II includes ATL Architecture, general contractor Gomez Construction, engineer EAC Consulting, interior design by Builders Design, and landscape architecture by Sieger Suarez.
