Housing Trust Group completes Arbor View affordable resi project

The Housing Trust Group completed Arbor View, a $27m affordable housing project in Margate, Florida. The 100-unit scheme will serve individuals 55 years and older who are earning at or below 60 percent and 33 percent of the area’s median income. With rents ranging from $428 to $1,002 a month, the fully leased property includes 64 one- and 36 two-bedroom apartments on a 3-acre site.

Funding for the project included a $17.7m construction loan from TD Bank, a $3.5m loan from Neighborhood Lending Partners, which will convert to a permanent loan, and more than $19m of Low Income Housing Tax Credit equity purchased by Raymond James Tax Credit Funds.

“With 70 percent of Broward rental households cost-burdened, the need is dire, particularly for retirees and veterans on fixed incomes,” said Matthew Rieger, president and CEO of the Housing Trust Group. “Corporate tax reform and rising interest rates has made financing these developments all the more challenging. Meanwhile, the housing crisis grows steadily worse as wages continue to stagnate while real estate prices rise.”