FORT LAUDERDALE, Fla. — Housing Trust Group (HTG) and Mount Hermon African Methodist Episcopal Church Inc. have broken ground on Mount Hermon Apartments, an affordable seniors housing community in Fort Lauderdale.
Development costs are estimated at $43.5 million for the 104-unit community. The seven-story development will offer a mix of one- and two-bedroom units ranging from 650 square feet to 950 square feet.
Apartments are reserved for income-qualifying residents age 62 and older who earn 60 percent or less of area median income (AMI), with rents ranging from $425 to $1,225 per month. The property is scheduled for completion in late 2024.
Funding sources for Mount Hermon Apartments include $32.6 million in 9 percent Low-Income Housing Tax Credit (LIHTC) equity syndicated through Raymond James, a $33 million construction loan through TD Bank, a $7.5 million permanent loan through Berkadia and Freddie Mac, and a $640,000 loan from the City of Fort Lauderdale.
“The need for affordable housing in Broward County has become a critical issue,” says Matthew Rieger, president and CEO of HTG.
The project team for Mount Hermon Apartments includes general contractor HTG Gomez Construction; civil engineering and landscape firm Thomas Engineering; architect REP-R-TWAR; and interior designer B. Pila Design.