Housing Trust Group Closes on $44M for Affordable Senior Development in Fort Lauderdale

Miami, FL-based affordable housing developer Housing Trust Group, along with Mount Hermon African Methodist Episcopal Church, Inc., has closed on financing of Mount Hermon Apartments, a new $43.5-million affordable senior housing community located in Fort Lauderdale. 

Mount Hermon Apartments will be reserved for income-qualifying residents 62 and older who earn at or below 25% and 60% AMI. 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 $7.5 million permanent loan through Berkadia and Freddie Mac and a $640,000 loan from the City of Fort Lauderdale.

The seven-story development at 750 NW 4th Street will offer a mix of one- and two-bedroom units plus a rooftop pool and deck with lounge seating, fitness center, multipurpose clubroom and an outdoor community 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.

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