Housing Trust Group (HTG), a leading multifamily developer, and Mount Hermon African Methodist Episcopal Church Inc., under the ministry of Rev. Dr. Henry E. Green Jr., proudly announce the completion of Mount Hermon Apartments, a $43.5 million affordable housing community for seniors aged 62 and older.
Mount Hermon Apartments is now open to income-qualifying residents who earn at or below 25% and 60% of the area median income (AMI), with rents ranging from $433 to $1,422 per month, well below the local average of $2,229 for a one-bedroom apartment in Fort Lauderdale. The seven-story development features a mix of one- and two-bedroom units, ranging from 650 to 950 square feet. Community amenities include an expansive rooftop terrace that includes a dedicated paved walking pathway for residents, covered lounge seating and an outdoor kitchen with a BBQ, a state-of-the-art fitness center, a multipurpose clubroom, and an outdoor community gathering space on the 2nd floor.
Located at 750 NW 4th Street, Mount Hermon Apartments offers comprehensive services for residents, including 24-hour assistance, an assurance check-in program, adult literacy training, and help with light housekeeping, grocery shopping, and laundry.
“The completion of Mount Hermon Apartments is a major milestone in our efforts to address the urgent need for affordable housing in Broward County,” said Matthew A. Rieger, President and CEO of HTG. “Partnering with Rev. Dr. Henry E. Green Jr. and the Mount Hermon AME Church has allowed us to create a high-quality community that not only offers seniors a safe and supportive environment but also provides an affordable place to call home. This project underscores the impact of collaboration in tackling the housing crisis, particularly for vulnerable seniors in South Florida.”
Mount Hermon Apartments was financed with $32.6 million in 9% Low-Income Housing Tax Credit equity syndicated through Raymond James, a $33 million construction loan from TD Bank, a $7.536 million permanent loan through Berkadia and Freddie Mac, and a $640,000 loan from the City of Fort Lauderdale.
The project team includes general contractor HTG Gomez Construction, civil engineering and landscape firm Thomas Engineering, architect REP-R-TWAR, and interior designer B. Pila Design Studio.
Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities whose real estate transactions exceed $4 billion in commercial, land and residential developments across Florida, Texas, Illinois and Arizona. HTG develops, builds and manages a diverse portfolio of affordable housing, workforce housing, market-rate housing, and mixed-use developments.
