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.
- ◦Development