Housing Trust Group (HTG) and a non-profit organization founded by NBA hall of fame Alonzo sadness Developers announced this week that ground has broken on an affordable senior housing project in the south end of Miami-Dade County after securing a mix of equity and debt financing.
eight storey building, Tucker tower, has 120 units, all reserved for people over the age of 62 who earn 25, 30, and 60 percent of the area’s median income or below. Rents are expected to range from $457 to $1,317 per month.
The property — is located in 9940 W Hibiscus Streetadjacent to the S Dixie Highway – scheduled for delivery in early 2024. Earlier this year, the joint venture paid $4.7 million for the 1.9-acre site.
Funding for Tucker Tower includes a $30 million construction loan Bank of America and a $9.5 million permanent loan from Berkadia.
On the equity side, the financing included $28.4 million in the form of 9% low-income home ownership tax credits purchased from Bank of America; $2.4 million in Miami-Dade County surtax funding and an additional $3.2 million in tax credits through the 2022 Construction Housing Inflation Response Program, an emergency program established by Florida Housing Finance Corporation to address funding gaps to close as a result of supply chain delays and inflation, and labor shortages.
The development marks the fifth affordable housing project between Mourning’s Non-Profit AM affordable housing and HTG, a Miami-based developer. The joint portfolio includes Courtside apartments in Overtown, completed in 2016.
Mourning spent 11 years with Team Miami Heat, winning an NBA championship in 2006.
Julia Echikson can be reached at [email protected].