KeyBank Community Development Lending and Investment (CDLI) has provided $17.4 million in total financing for the construction of Hammock Ridge II in Spring Hill, Fla.
The financing includes a $13.7 million construction loan and a $3.7 million Freddie Mac low-income housing tax credit (LIHTC) forward commitment, a loan for properties that have received a LIHTC allocation.
Upon completion of Phase II, 92 units will be set aside for seniors earning 40% and 60% of the area median income. The property will be serviced by two elevators. Phase I included the development of a clubhouse containing community space and amenities such as a computer center and a fitness center.
The project is being developed by Housing Trust Group (HTG), an award-winning full-service developer of multifamily residential communities, whose real estate transactions exceed $2 billion in commercial, land and residential developments across Florida, the Southeastern United States, and Arizona. HTG develops, builds, and manages a diverse portfolio of affordable housing, workforce housing, market-rate housing, and mixed-use developments.
