Developers Break Ground on 130-Unit Senior Affordable Housing Community in Fort Myers

Key Points

• Housing Trust Group and AM Affordable Housing launch Legacy Park II
• 130 income-restricted senior units with rents from $574 to $1,608
• $55M capital stack backed by LIHTC equity, bank debt, Freddie Mac, and disaster recovery funds

Inside Legacy Park II

Legacy Park II is a two-building, five-story senior housing development delivering income-restricted rental units for residents earning 30%, 60%, and 70% of AMI. Select apartments are reserved for special needs households. Units will feature modern finishes, including quartz countertops, vinyl plank flooring, and stainless steel appliances. The community is designed to the National Green Building Standard and Energy Star standards, aligning with resilience and sustainability goals.

Service Enriched Senior Living

Beyond housing, the project emphasizes supportive services. Amenities include:

• Resort-style pool and fitness center
• Clubhouse with cybercafé, library, and game room
• Resident services such as light housekeeping, grocery assistance, and daily check-ins

This model supports seniors aging in place while reducing strain on local healthcare and housing systems.

$55M Capital Stack

The development is fully financed, with a layered capital structure:

• LIHTC equity via Raymond James Affordable Housing Investments
• $29M construction loan from Fifth Third Bank
• $11.83M permanent loan from Freddie Mac through Grandbridge
• State and local support from Florida Housing Finance Corp. and Lee County CDBG DR funds

Why It Matters

This is Housing Trust Group’s first development in Lee County, expanding its Florida footprint as post storm recovery shifts from temporary fixes to long term housing stability. HTG now has 53 communities operating nationwide and 10 projects under construction. HTG President and CEO Matthew A. Rieger said the project reflects a coordinated public-private push to ensure seniors on fixed incomes can remain in their communities.

Bottom Line

Legacy Park II highlights how institutional capital, tax credits, and public funding are converging to address senior housing shortages in high-growth Florida markets. For developers and housing investors, it’s another signal that affordable senior housing remains a priority asset class