Housing Trust Group (HTG) has broken ground on the second phase of Twin Lakes Estates, an affordable housing community that once complete will deliver 318 affordable homes for seniors and families in three phases.
Located in Lakeland, Fla., the first phase with 100 affordable apartments for seniors was completed in August. Phase two will feature 132 affordable apartments along with various amenities for families.
Twin Lakes Estates is a partnership between Florida-based Housing Trust Group and the Lakeland Housing Authority to redevelop an aging public housing complex on the southern tip of Lake Beulah, formerly West Lake Apartments, into a new, affordable community with state-of-the-art amenities.
“We applaud the Lakeland leadership for their vision and commitment to the abundance of new affordable housing in their community,” says HTG president and CEO Matthew A. Rieger. A rare, large-scale development like Twin Lakes Estates with over 300 units will make a true impact in solving the affordable housing crisis.”
The total cost of the latest phase is $23.9 million. Phase two of Twin Lakes Estates is financed with a $12.1 million construction loan from TD Bank, $8.4 million in 4% low-income housing tax credit equity through Raymond James Tax Credit Funds, a combined $6.6 million State Apartment Incentive Loan and extremely low-income loan, both from Florida Housing Finance Corp.; and a $790,000 loan from Lakeland Housing Authority. The development also involved the Department of Housing and Urban Development approvals for mixed financing.
Walker & Dunlop structured a $7.2 million forward commitment for the permanent financing. The transaction utilized Freddie Mac's Tax-Exempt Loan program. The financing terms include a 30-month forward commitment for the permanent debt, and the Walker & Dunlop team, led by Heather Olson, locked in long-term debt at competitive terms, which will activate upon termination of the construction loan.
The second phase will feature 22 one-, 62 two-, and 48 three-bedroom apartments in eight three-story, garden-style apartment buildings. The property will have monthly rents ranging from $437 to $908 for qualified residents. Fourteen apartments will be set aside for residents earning at or below 40% of the area median income (AMI), with the remaining 118 units set aside for residents at or below 60% of the AMI. Amenities for the second phase include a 3,446-square-foot clubhouse with a large community room and catering kitchen, a lounge room, and a computer lab. Outdoor amenities include a picnic pavilion, walking promenades, and a playground.
The building team for the second phase is The Lunz Group, Boggs Engineering, and HTG Rodda.
