Housing Trust Group Closes on Financing of Wagner Creek

MIAMI - Oct. 22, 2015 - PRLog -- Housing Trust Group (HTG), a leading real estate developer in Florida, the Southeastern U.S. and Arizona, has closed on the financing of Wagner Creek Apartments, a $22 million, 73-unit mixed income affordable housing community targeting families in Miami.

“We are grateful for the opportunity to partner with the City of Miami and Miami-Dade County on Wagner Creek, a development which provides working families with more options for safe, affordable and quality housing where it’s most needed,’’ said Matthew Rieger, President and CEO of Housing Trust Group.

Construction has started on the site located at 1501 NW 13 Court, adjacent to the Health District in Miami in walking distance to the University of Miami Hospital and the Miami VA Hospital. Beyond adding to the much-needed inventory of affordable rental housing, this new development will serve the growing affordable and workforce population in the area creating approximately 85 temporary and permanent jobs during the 12 to 14 month construction phase and later when construction is complete.

Development costs are estimated at $22 million. Project funding sources include a City of Miami HOME loan, Miami-Dade County’s Affordable Housing Surtax Program, Citi Community Capital Permanent Construction Loan, 9% Low-Income Housing Tax Credits (purchased by Raymond James Tax Credit Funds, Inc.) and developer equity.

Wagner Creek Apartments will target families featuring a mix of ten (10) 1bed/1bath units, fifty-five (55) 2bed/2bath units, and eight (8) 3bed/2bath units. The eight (8) story multifamily residential tower sits over a three-story parking structure. Sixty (60) of the total units will be set aside for tenants earning at or below 60% area median income (AMI), eight (8) of the units will be set aside for those earning 33% AMI and five (5) units will be reserved for moderate income levels. To serve the diverse demographics within the Health District, Wagner Creek integrated workforce units into the unit mix, serving 120% AMI residents.

Amenities include full-size energy star appliances, central A/C, on-site management office, multi-purpose community room with kitchenette, walk-out rooftop terrace and garden, fitness center, computer lab, security cameras and controlled access. The building will also offer services for children and adults including an after-school care program, literacy training and an employment assistance program.

Wagner Creek Apartments will incorporate green design and construction techniques in pursuit of the National Green Building Standard’s (NGBS) Silver certification, a well-recognized and commonly employed program in South Florida.

Access to transportation is one of the most critical needs for residents. Wagner Creek Apartments will benefit from Transit Oriented Development (TOD) zoning because of its convenient access to Miami’s Metrorail Civic Center Station located just 250 yards away. Metrorail also intersects with the Metro Mover and Tri-Rail systems.

About Housing Trust Group

Housing Trust Group (HTG) is the parent company of various affiliated real estate companies. Its real estate transactions exceed $2 billion in commercial, land and residential developments across Florida, the Southeastern U.S. and Arizona. From affordable residential housing to market-rate residential, to retail, mixed-use and vacation resort communities, HTG’s network of fully-integrated real estate operations provides a level of service to the real estate industry that is unparalleled. For more information, visit www.htgf.com.