Affordable housing developer Housing Trust Group has completed Luna Trails, a new $19.6 million, 86-unit affordable housing development for seniors in Titusville.
Located at 1705 South De Leon Ave., Luna Trails offers a mix of one-, two- and three-bedroom apartments ranging from 700 square feet to 1,141 square feet. Community amenities include a swimming pool, clubhouse, modern fitness center and shuffleboard court. Apartments are reserved for seniors ages 55 and older earning at or below 60 percent of area median income (AMI). Rents range from $346 per month for a one-bedroom apartment to $791 per month for a three-bedroom apartment. The property is currently 100 percent leased.
Funding for the community was provided through a $14.2 million construction loan from TD Bank, $14.3 million of 4 percent low-income housing tax credit equity through Raymond James, a $1.2 million Florida Housing Viability Loan and a $2.7 million permanent loan from Neighborhood Lender Partners.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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