Housing Trust Group (HTG) has closed on the financing and broken ground on a $33 million affordable housing community in West Palm Beach, Florida.
Flagler Station will be an eight-story apartment building with 94 one-, two-, and three-bedroom units. The apartment homes will be restricted to those earning 30% to 80% of the area median income, with monthly rents ranging from $393 to $1,689. The property will include a two-story parking garage with 80 spaces, a leasing office, a fitness center, and a community room.
“This project’s realization will help alleviate the strain on housing in West Palm Beach and bring residents close to sought-after employment opportunities and amenities found in the city’s downtown area,” said Matthew A. Rieger, HTG president and CEO.
KeyBank Community Development Lending and Investment (CDLI) is providing a $20.3 million construction loan, and KeyBank’s Commercial Mortgage Group is providing an $8.9 million Freddie Mac forward commitment permanent loan to the developer for its latest project.
Kyle Kolesar and Mimi Brennan of KeyBank’s CDLI team and Robbie Lynn of KeyBank’s Commercial Mortgage Group structured the financing for the bank.
Additional financing sources for Flagler Station include $23.3 million in 9% low-income housing tax credits through the Florida Housing Finance Corp. that will be purchased by CREA; a $75,000 city of West Palm Beach loan; a $500,000 city of West Palm Beach grant; a $314,446 Palm Beach County grant; and a $550,000 HOME loan from Palm Beach County.
The project team for Flagler Station is general contractor Rinaldi Construction, engineer and landscape designer Wantman Group, and architecture firm Corwil Architects.
