Housing Trust Group to Build $36M Affordable Community Near Miami

by Jeff Shaw

PEMBROKE PINES, Fla. — Housing Trust Group (HTG) has received construction financing for Douglas Gardens V, a 110-unit affordable seniors housing community in the Miami suburb of Pembroke Pines.

A joint venture between HTG and Miami Jewish Health Systems plans to break ground on the project in the coming weeks for completion in early 2019. Development costs are estimated at $36 million.

One- and two-bedroom units at Douglas Gardens will be available only to seniors earning at or below 60 percent of area median income. Rents will range from $405 to $953 per month to those with qualifying incomes.

The financing package includes a $13 million construction loan from US Bank; $8.9 million of permanent financing from Barings Mass Mutual; $8.44 million of housing credit equity (4 percent) through US Bancorp; and $5.8 million of competitively secured loans from the Florida Housing Finance Corp.

HTG presently has three other affordable housing communities under construction in South Florida: Arbor View, a seniors housing community in Margate; Covenant Villas, an affordable community for families in Belle Glade; and Princeton Park, a family affordable community in southern Miami-Dade County.

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