Tucker Tower will deliver 120 affordable apartments to southern Miami-Dade County; it is the fifth collaboration between HTG and Alonzo Mourning’s non-profit
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, have closed on financing on Tucker Tower, a new $44 million affordable housing community for seniors aged 62 and older in the Perrine neighborhood of southern Miami-Dade County. Apartments at Tucker Tower will be reserved for income-qualifying residents who earn at or below 25, 30 and 60 percent of area median income (AMI), with rents ranging from $457 to $1,317 per month. The property is scheduled to deliver in early 2024.
Tucker Tower is the fifth affordable housing collaboration between HTG and non-profit AM Affordable Housing; other joint ventures include the award-winning Courtside Apartments in Overtown, Miami (2016); as well as two new senior communities in Central Florida.
Funding sources for Tucker Tower include $28.4 million in 9% Low-Income Housing Tax Credit equity syndicated through Raymond James and purchased by Bank of America; a $30 million construction loan from Bank of America; a $9.5 million permanent loan from Berkadia; and an additional $3.2 million in tax credit equity through the 2022 Construction Housing Inflation Response Program (CHIRP), an emergency program quickly and efficiently established quickly and efficiently by the Florida Housing Finance Corporation to fill funding gaps as a result of supply chain delays, inflation, labor shortages and construction material price increases. HTG also applied for and was granted Miami-Dade County Surtax funding in the amount of $2.4 million.
“We are thrilled to be able to bring more high-quality affordable housing to Perrine, a working-class area of Miami-Dade County that is under pressure from gentrification as Miami’s population explodes, and more people move south in search of affordable housing,” said Matthew A. Rieger, President and CEO of HTG. “We also owe a big thank you to Florida Housing Finance Corporation for providing emergency gap financing to make this development feasible. Across the country, sadly, plans for many affordable communities are getting canceled as inflation and other rising costs chip away at narrow margins and cause deals to fall apart. We hope our lawmakers in Florida and in Washington D.C. take note and make a commitment to finance new affordable housing development as soon as possible.”
Located at 9940 W Hibiscus Street, Tucker Tower will be an eight-story community offering a mix of one-, and two-bedroom units ranging from 601 square feet to 895 square feet. Six units are fully accessible units and three units are hearing impaired units. Amenities will include a fitness center, business center with computer stations, luxury swimming pool, pet grooming station, lighted pathways along accessible routes and a library. In-unit amenities include Energy Star®-rated appliances, modern fixtures and vinyl plank flooring.
The project team for Tucker Tower includes general contractor BDI Construction; engineer HSQ Group, LLC; architect Corwil Architects; landscaper Witkin Hults; and Interior designer B. Pila Design Studio.
External Source:
Housing Trust Group, Alonzo Mourning break ground on Tucker Towers affordable housing in Perrine Miami-Dade County – South Florida Business Journal (bizjournals.com)
Housing Trust Group, AM Affordable Housing Break Ground on $44M Tucker Tower in Miami – Seniors Housing Business
Miami Heat Alum Partners on Affordable Housing Project in Miami-Dade – Commercial Observer
Housing Trust Group, AM Affordable Housing Break Ground on $44M Seniors Housing Project in Miami – REBusinessOnline
