Housing Trust Group, AM Affordable Housing Secure $44M for Senior Affordable Community in Miami

Housing Trust Group and AM Affordable Housing have closed on financing on Tucker Tower, a new $44 million affordable housing community for seniors aged 62 and older in the Perrine neighborhood of Miami, FL.

Tucker Tower is the fifth affordable housing collaboration between HTG and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning.

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.

 “Across the country, sadly, plans for many affordable communities are getting canceled as inflation and other rising costs chip away at narrow margins and cause deals to fall apart,” Matthew Rieger, president and CEO of HTG. “We hope our lawmakers in FL and in Washington DC take note and make a commitment to finance new affordable housing development as soon as possible.”

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

The eight-story building at 9940 W Hibiscus Street will a mix of one- and two-bedroom units. Six units will be fully accessible and three will hearing-impaired units. Community 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.

The project team for Tucker Tower includes general contractor BDI Construction; engineer HSQ Group, LLC; architect Corwil Architects; landscaper Witkin Hults; and Interior designer B. Pila Design Studio.