Alden Capital Partners, in a partnership with Tri-Star Affordable Development has closed on a $10 million low-income tax credit equity financing for the construction of Caya Place. Located in Marathon and Big Pine Key, Fla., the budget for the 42 unit affordable housing community is estimated at $15.7 million. The Florida Housing Finance Corp. funded the project with a 9 percent federal LIHTC loan and $3.5 million of favorable subordinate financing through its State Apartment Incentive Loan program. There will be 37 units restricted to households at or below 60 percent of the area median income and five units for households at or below 25 percent. Completion of the scheme is slated for October of 2017.
“About 51 percent of households were cost-burdened in Monroe County, Florida in 2013, according to the Monroe County Workforce Housing Stakeholder Assessment Report,” said Dana Mayo, executive vice president of Alden Capital Partners. “Four years later, the demand for affordable housing in the Florida Keys is still critically high. The construction of Caya Place is significant because it addresses one of the deepest needs for the community while also providing quality, affordable housing.”
