CRESTVIEW, Fla. — Housing Trust Group (HTG) and AM Affordable Housing, a non-profit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, have started construction of Princeton Grove, a $23.5 million affordable seniors housing community in the Florida Panhandle city of Crestview.
Apartments at Princeton Grove will be reserved for income-qualifying residents who earn at or below 22, 30 and 60 percent of area median income (AMI), with rents ranging from $363 to $1,188 per month. In addition, the developer has committed a minimum of five apartments for veterans who meet the same household income and age criteria.
Princeton Grove is the seventh affordable housing collaboration between HTG and AM Affordable Housing. The property is scheduled to open in fall 2024.
“The demand for housing in the Florida Panhandle has never been greater,” says Matthew Rieger, president and CEO of HTG. “Princeton Grove supports the City of Crestview’s 2020 master plan goals by creating more affordable housing, creating safe and attractive housing, giving residents access to a multitude of recreational and lifestyle amenities, giving the community a say in the development scheme, and by creating a property with excellent curb appeal that enhances the overall character of the surrounding area.”
Funding sources for Princeton Grove include $9.1 million in 4 percent Low Income Housing Tax Credit (LIHTC) equity syndicated through Truist Community Capital; a $14 million construction loan from Truist Bank; and three loans from Florida Housing Finance Corporation: an $8.6 million State Apartment Incentive Loan (SAIL), $600,000 Extremely Low Income (ELI) loan and a $654,000 National Housing Trust Fund (NHTF) loan. In addition, it received a $7.5 million Freddie Mac loan through Grandbridge Real Estate Capital.
Princeton Grove will be a four-story community offering a mix of one- and two-bedroom units. It will be National Green Building Standard certified.
The project team for Princeton Grove includes general contractor Bayern Construction; civil engineering firm Choctaw Engineering; architect and interior design from PQH Group; and landscape designer BDG Booth.