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Htg, Mount Hermon Ame Church Open $43.5m Affordable Seniors Housing Community In Fort Lauderdale, Florida

FORT LAUDERDALE, Fla. — Housing Trust Group (HTG) and Mount Hermon African Methodist Episcopal Church have opened Mount Hermon Apartments, a new affordable seniors housing community in Fort Lauderdale. Development costs totaled $43.5 million.

Monthly rental rates at the community, which features one- and two-bedroom apartments, range from $433 to $1,422 per month. Units are reserved for seniors earning at or below 25 and 60 percent of the area median income. According to Apartments.com, average the average rental rate for a one-bedroom apartment in Fort Lauderdale is $2,222.

Amenities at the property include a rooftop terrace, fitness center, clubroom and community gathering space. Services at the community include 24-hour assistance, adult literacy training and support with light housekeeping, grocery shopping and laundry.

Financing for the development included $32.6 million in 9 percent low-income housing tax credit equity syndicated through Raymond James, a $33 million construction loan from TD Bank, a $7.5 million permanent loan secured through Berkadia and Freddie Mac and a $640,000 loan from the City of Fort Lauderdale.

HTG Gomez Construction served as the general contractor. The project team also included architect REP-R-TWAR, civil engineer Thomas Engineering and interior design firm B. Pila Design Studio.

The post HTG, Mount Hermon AME Church Open $43.5M Affordable Seniors Housing Community in Fort Lauderdale, Florida appeared first on Seniors Housing Business.

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Htg, Mount Hermon Ame Church Open $43.5m Affordable Seniors Housing Community In Fort Lauderdale, Florida

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