Mount Hermon Apartments will deliver 104 affordable apartments for seniors with monthly rents starting at $425
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, and Mount Hermon African Methodist Episcopal Church Inc., a nonprofit under the ministry of Rev. Dr. Henry E. Green Jr., have closed on financing of Mount Hermon Apartments, a new $43.5 million affordable senior housing community located in Fort Lauderdale, FL.
Mount Hermon Apartments will be reserved for income-qualifying residents 62 and older who earn at or below 25 and 60 percent of the area median income (AMI), with rents ranging from $425 to $1,225 per month. The property is scheduled to be delivered in late 2024.
Funding sources for Mount Hermon Apartments include $32.6 million in 9% Low-Income Housing Tax Credit equity syndicated through Raymond James, a $33 million construction loan through TD Bank, a $7.536 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,” said Matthew A. Rieger, President and CEO of HTG. “We are particularly grateful to be building Mount Hermon Apartments with the help of our committed partner, Rev. Dr. Henry E. Green Jr. and the Mount Hermon AME Church. As a pillar in the community, Rev. Green’s participation and support is instrumental to the long-term success of this development and helping address the demand for affordable housing options for the seniors of Broward County.”
Located at 750 NW 4th Street, the 7-story development will offer a mix of one- and two-bedroom units ranging from 650 square feet to 950 square feet. Amenities include but are not limited to a rooftop pool and expansive deck with lounge seating, state-of-the-art fitness center, multipurpose clubroom with kitchenette, and an outdoor community gathering space.
Mount Hermon Apartments will also provide its residents with an array of support services that include 24-hour resident assistance and a resident assurance check-in program, adult literacy training, and assistance with light housekeeping, grocery shopping and laundry.
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.