Having closed on the financing for a $25 million, 100-unit senior housing community in Broward County, Florida, Housing Trust Group has begun construction. The affordable community called Arbor View will be located at 3100 North State Road 7 in Margate. Funding for the project includes a $17.7 million construction loan from TD Bank, a $3.5 million loan from non-profit Neighborhood Lending Partners, which will convert to a permanent loan and over $19 million of Low Income Housing Tax Credit equity purchased by Raymond James Tax Credit Funds.
Arbor View will consist of 64 one bedroom and 36 two bedroom apartments, ranging from 715 to 915 sqf. The project will include a swimming pool, dog park, shuffleboard courts, a computer lab, community room, a fitness trail, and gym. The project is slated for completion in the first quarter of 2018.
“Arbor View is another prime example of what we can do as a community when the public and private sector work together towards a common goal. We are incredibly humbled and proud to work with such great partners to provide top-quality luxury affordable housing for the senior residents of Broward County,” said HTG’s President & CEO Matthew Rieger.
