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Florida & Gulf Coast  + South Florida  + Senior Housing  | 
Housing Trust Group and AM Affordable Housing have broken ground on Tucker Tower, a $44-million affordable housing community for seniors aged 62 in Miami.

Alonzo Mourning’s Nonprofit and Housing Trust Group Top Off $44M Senior Community in Miami

Miami, FL-based affordable housing developer Housing Trust Group and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, has reached the topping-off point for Tucker Tower, a $44-million affordable housing community for seniors aged 62 and older located in Miami’s Perrine neighborhood.

The milestone was celebrated with an event that recognized members building and design team, which in addition to Housing Trust Group and AM Affordable Housing includes general contractor BDI Construction; engineer HSQ Group, LLC; architect Corwil Architects; landscaper Witkin Hults; and Interior designer B. Pila Design Studio.

Apartments at Tucker Tower will be reserved for income-qualifying residents who earn at or below 25%, 30% and 60% percent of area median income (AMI), with rents ranging from $457 to $1,317 per month. The property is scheduled to deliver in early 2024.

Tucker Tower will be an eight-story community situated at 9940 W Hibiscus Street and offer a mix of one-, and two-bedroom units. Six units are fully accessible, and three units are hearing impaired units. Amenities will include a fitness center, business center with computer stations, luxury swimming pool, pet grooming station, lighted pathways along accessible routes and a library.

Funding sources for Tucker Tower include $28.4 million in 9% Low Income Housing Tax Credit equity syndicated through Raymond James and purchased by Bank of America; a $30 million construction loan from Bank of America; a $9.5 million permanent loan from Berkadia; and an additional $3.2 million in tax credit equity through the 2022 Construction Housing Inflation Response Program, an emergency program quickly and efficiently established quickly and efficiently by the Florida Housing Finance Corporation to fill funding gaps as a result of supply chain delays, inflation, labor shortages and construction material price increases. HTG also applied for and was granted Miami-Dade County Surtax funding in the amount of $2.4 million.


Inside The Story

Housing Trust Group's Matthew Rieger

About Lisa McDuffie

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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