Pasco County, Florida (December 5, 2016) – Housing Trust Group (HTG), a leading multifamily housing developer in Florida, closed on financing necessary to begin construction of an additional 110 units at Park at Wellington, a $37.9 million, 220-unit affordable housing community currently under construction in Holiday, Fla.
HTG broke ground on phase one of the project in July of this year. The new community, which is scheduled to be delivered in November of 2017, will offer reduced rents ranging from $367 to $827 per month to those with qualifying incomes, as well as on-site services such as after-school programming, literacy training and employment assistance.
Funding for the second phase of Park at Wellington included the use of a tax-exempt loan provided by the Florida Housing Finance Corporation (FHFC), 4% Low Income Housing Tax Credit equity from City Real Estate Advisors, and a construction loan from Key Bank. Development of the community will create approximately 100 construction jobs and 10 permanent jobs.
“Affordable housing for working and low-income families is scarce,” said Matthew Rieger, President and CEO of HTG. “Park at Wellington provides a safe, clean and attractive place for hard-working families to live, while also providing the necessary support and services that will help residents and their children thrive in the future.”
Located in the city of Holiday, at 4205 Jordana Way, Park at Wellington’s two-phase development will provide in total 36 one-bedroom one-bath units; 124 two-bedroom two-bath units; and 60 three-bedroom three-bath units ranging in size from 676 square feet to 1379 square feet. Most of the units will be set aside for residents earning at or below 60% AMI; 24 will be for tenants at or below 40% AMI.
The centerpiece of the community is a Grand Clubhouse featuring a cyber café, pool, exercise room, after-school care, laundry facility, offices and maintenance area. Residents will also enjoy the on-site playground, dog park, walking path around a central lake with fountain, and various seating and gathering areas. The community is conveniently located directly across from a Publix grocery store, an elementary school and various other residential apartment communities.
The community will offer residents a supervised and structured after school program for children; weekly literacy lessons in a private space, involving both electronic and live instruction; and free employment assistance workshops addressing areas like setting job goals, interview preparation, and placement.
The project team for Park at Wellington includes architect Fugleberg Koch, PLLC; civil engineer High Point Engineering, Inc.; and general contractor HTG Hennessy, LLC.
HTG recently completed construction of Courtside Family in Miami, FL, in partnership with Alonzo Mourning and has four other affordable housing communities currently under construction in Florida including Wagner Creek in Miami, Valencia Grove in Eustis, Freedom Gardens in Brooksville, and Park at Wellington in Holiday. HTG also has two market rate communities in development outside of Florida, Forest Cove in Chattanooga, TN and Aviva in Mesa, AZ. All aim to fill a void in the market by providing much-needed, quality affordable and market-rate housing to working families, seniors and individuals.
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.