$36M Affordable High Rise is Hollywood’s First in Two Decades
The Housing Trust Group has completed Hudson Village, a $36-million residential high rise delivering 96 affordable apartments to downtown Hollywood, FL.
Apartments at Hudson Village are reserved for residents earning 30%, 60% or 70% percent of local AMI, with rents ranging from $401 to $1,300 for income-qualifying residents. It is the first new affordable high-rise residential development in the City of Hollywood in more than two decades.
The development is part of a vision by the City of Hollywood to create a more pedestrian-friendly downtown and increase the supply of high-quality attainably priced housing in areas close to commercial activity and new public transportation networks.
The property was financed with a $28 million construction loan from Chase, $26 million in 9% Low Income Housing Tax Credits from Florida Housing Finance Corporation syndicated through Raymond James Tax Credit Equity Funds with Chase as the Upper Tier Investor, and a $9.75 million permanent loan from Walker & Dunlop through Freddie Mac.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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