Housing Trust Group and AM Affordable Housing, founded by former Miami Heat star Alonzo Mourning, broke ground on an 8-story affordable housing building in the Ojus neighborhood near Aventura.
Oasis at Aventura will be located on the 1.26-acre site at 18700 N.E. 25th Ave. It will have 96 apartments for people ages 60 and up who earn between 25% and 60% of area median income. Rents will range from $484 to $1,161.
“There’s a significant need for affordable housing as the North Miami and Aventura area undergo a residential building boom and a wave of infrastructure improvements to meet the community’s needs for its growing population,” stated HTG CEO Matthew A. Rieger.
Amenities in Oasis at Aventura will include a community room, a fitness center, a business center, a library, a lounge and an outdoor terrace.
HTG said the project was founded by $21 million in low-income housing tax credits through Raymond James, a $19.3 million construction loan from JPMorgan Chase Bank, a $4.3 million loan from the Florida Housing Finance Corp. and a $2.4 million loan from Miami-Dade County’s surtax program. In addition, Berkadia helped the developers secure $7.5 million in permanent financing from Freddie Mac once the project is completed.
Miami-based Ballast Construction is the general contractor and Coral Gables-based Realization Architects designed the project.
Oasis at Aventura should be completed in spring 2025.
HTG has developed several affordable housing projects in the past with Mourning, a member of the Basketball Hall of Fame.