Arbor View will provide 100 affordable apartments for seniors in Margate in 2018
Margate, FL (December 23, 2016) – Housing Trust Group (HTG), a leading multifamily developer, has closed on financing and commenced construction on a new $25 million, 100-unit senior housing community in Broward County, Florida. The affordable community, located at 3100 North State Road 7 in Margate, Florida, is slated for delivery in the first quarter of 2018.
HTG acquired the 2.5-acre vacant tract to develop Arbor View for $2.75 million. Funding sources for the development include a $17.7 million construction loan from TD Bank; a $3.5 million loan from non-profit Neighborhood Lending Partners, which will convert to a permanent loan; and over $19 million of 9% Low Income Housing Tax Credit equity purchased by Raymond James Tax Credit Funds.
HTG credited the City of Margate’s Mayor Tommy Ruzzano, Director of Economic Development Benjamin Ziska, and Building Director Mary Langley for recognizing the dire need for affordable senior housing in their community and championing this development.
“Arbor View is another prime example of what we can do as a community when the public and private sector work together towards a common goal. We are incredibly humbled and proud to work with such great partners to provide top-quality luxury affordable housing for the senior residents of Broward County,” said HTG’s President & CEO Matthew Rieger.
Arbor View will consist of 64 one-bedroom apartments and 36 two-bedroom apartments, ranging from 715 to 915 square feet. Arbor View’s resort-style amenities, typical of market rate luxury communities, include a swimming pool, dog park, shuffleboard courts, computer lab, community room, fitness trail, and state-of-the-art fitness center.
Arbor View was designed by local South Florida architectural firm Corwil Architects and is being constructed by Current Builders, an experienced builder in the South Florida market. Additionally, RPJ, Inc., M.A. Suarez & Associates, and HSQ rounded out the design team.
HTG recently completed construction of Courtside Family Apartments in Miami, FL, in partnership with Alonzo Mourning, and Valencia Grove in Eustis, FL. HTG has five other affordable housing communities currently under construction in Florida including Wagner Creek in Miami, Freedom Gardens in Brooksville, Park at Wellington Phase I and Phase II in Holiday, and Covenant Villas in Belle Glade.
About Housing Trust Group
Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities whose real estate transactions exceed $2 billion in commercial, land and residential developments across Florida, the Southeastern U.S. and Arizona. HTG develops, builds and manages a diverse portfolio of affordable housing, workforce housing, market-rate housing, and mixed-use developments. For more information, visit www.htgf.com.