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Affordable Sr. Housing Group Secures $25.5M Financing
Housing Trust Group secured financing and commenced construction on The Fountains at Hidden Lake, a $24.5 million affordable housing community with 81 units designated for seniors aged 62 and up. Construction on the Crystal River project is set to be completed by late 2025.
Funding sources include $20.4 million in 9% Low-Income Housing Tax Credits allocated from Florida Housing Finance Corporation and syndicated through City Real Estate Advisors; a $18.5 million construction loan and a $4.15 million permanent loan from KeyBank; and a $340,000 loan from the City of Crystal River, north of Tampa.
Apartments at The Fountains at Hidden Lake will be reserved for income-qualifying residents who earn at or below 40 and 60 percent of the area median income. Monthly rents will range from $581 to $1,045.
Located at 10456 W. Ashburn Lane, the community features a swimming pool, horseshoe court, fitness center, dog park, and multipurpose community room. Residents can also enjoy assistance with light housekeeping, grocery shopping, and laundry.
- ◦Development
- ◦Financing
