Housing Trust Group Breaks Ground on $44M Naranja Grand Affordable Community in Leisure City, Florida

by Jeff Shaw

LEISURE CITY, Fla. — Housing Trust Group (HTG) has started construction of Naranja Grand, an affordable housing community for seniors in Leisure City, approximately 25 miles southwest of Miami.

The $44 million project is a collaborative effort between HTG and Miami Lakes-based Elite Equity Development.

The eight-story property will feature 120 units reserved for income-qualifying residents age 55 and older who earn at or below 30, 60, and 70 percent of the area median income (AMI). Monthly rents will range from $580 to $1,625. Construction is slated for completion in the spring of 2025.

Naranja Grand will offer 91 one-bedroom and 29 two-bedroom units. The building will total 117,000 square feet and the developers will seek National Green Building Standard certification.

A planned Phase II will consist of 200 affordable units for families.

Funding sources include $26 million in 9 percent Low-Income Housing Tax Credit (LIHTC) equity syndicated through Raymond James, a construction loan of $26.2 million provided by TD Bank, a permanent Freddie Mac loan of $9 million through Berkadia, a Florida Housing Finance Corp. Viability Loan of $4.3 million and a loan of $3 million from the Miami-Dade County Affordable Housing Surtax Program.

The design and construction team for Naranja Grand includes ATL Architecture, general contractor Gomez Construction, engineer EAC Consulting, interior design by Builders Design, and landscape architecture by EGS2 Landscape Architecture.

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