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Housing Trust Group Secures $61.2M Loan For Hollywood Affordable Housing Development

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FINANCED
$61,200,000

Florida

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Development Site
Financed 05/30/2023
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Property Image
FINANCED

Housing Trust Group Secures $61.2M Loan For Hollywood Affordable Housing Development

309 N 21st Ave Hollywood, FL 33020, USA

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Development Site
Financed 05/30/2023
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Loan

Housing Trust Group (HTG) has secured $61.2 million in financing from the Florida Housing Finance Corporation for its affordable housing development in Hollywood, Florida. The project, named University Station, is located at 309 North 21st Avenue in downtown Hollywood. The development site spans 2.5 acres and will feature two eight-story buildings with a total of 216 apartments. The project will also include retail space and accommodations for the Barry University College of Nursing.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $61,200,000
  • Address: 309 North 21st Avenue
  • Market: Downtown Hollywood
  • ACRES: 2.5

The lender in this transaction is the Florida Housing Finance Corporation. The landlord, representing Housing Trust Group, is Matthew Rieger. The loan obtained is a construction loan, allowing Housing Trust Group to proceed with the development of University Station.

Players

Florida Housing Finance Corporation
Florida Housing Finance Corporation
LENDER
Matthew Rieger
Matthew Rieger
7 deals$217.2M volume
LANDLORD

Details

FINANCED
IMAGE: Matthew Rieger DATE: 05/30/2023 ADDRESS: 309 North 21st Avenue MARKET: Downtown Hollywood ASSET TYPE: Development Site ~ ACRES: 2.5 LENDER: Florida Housing Finance Corporation LANDLORD: Housing Trust Group (@HousingTrustGroup) - Matthew Rieger LOAN AMOUNT: $61,200,000 LOAN TYPE: Construction Loan NOTE: Housing Trust Group (HTG) has secured $61.2 million in financing from the Florida Housing Finance Corporation for its affordable housing development in Hollywood, Florida. The project, named University Station, will feature two eight-story buildings with 216 apartments, retail space, and accommodations for the Barry University College of Nursing.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$61,200,000.00

Monthly NOI$408,000.00
Monthly Debt Service$386,825.63
Change in Cash Flow$0.00
Refinance Proceeds$0.00