Housing Trust Group and Broward County Housing Authority have broken ground on Hillsboro Landing, a 75-unit fully affordable senior housing project in Deerfield Beach, Fla. The developer also closed on financing the $41 million project.
Hillsboro Landing will cater to residents 62 and over, earning between 22 and 60 percent of the area median income. Completion is slated for October 2024.
The financing for the fully affordable development included:
- $17.4 million in 9 percent LIHTC equity syndicated through Raymond James
- $25 million in construction financing from Fifth Third Bank
- a $12.2 million permanent loan provided by Grandbridge Real Estate Capital
- a $7.1 million State Apartment Incentive Loan and Community Housing Impact and Preservation loan
- $600,000 in Extremely Low Income financing
- a $100,000 grant from Broward Housing Finance Authority
The six-story building will encompass one- and two-bedroom floorplans ranging between 702 and 927 square feet. The 5.000-square-foot amenity space will include a fitness center, a multipurpose room, an elevator, rooftop terraces and 96 parking spaces. Aiming for National Green Building Standard certification, the property will feature energy-efficient lighting and appliances.
ATL Architecture serves as the main architect, while Ferncore Corp. is the general contractor. Engineer services are provided by Keith & Associates, interior design by Builders Design and landscape architecture by Sieger Suarez Architects.
A multi-phase redevelopment project
Hillsboro Landing represents the first phase of the redevelopment of a former public housing site demolished in 2007. The second phase of the project will create an 80-unit fully affordable, single-family rental community, according to Yardi Matrix.
Located at 3851 N. Dixie Highway in Fort Lauderdale’s Deerfield Beach submarket, the development is near Interstate 95, providing direct access to downtown Miami.
Housing Trust Group, alongside AM Affordable Housing, recently completed a 72-unit fully affordable and age-restricted community in Fort Walton Beach, Fla. The company will also break ground this month on a $100 million affordable development in Hollywood, Fla. The University Station project is set to include 216 residential units and Barry University’s College of Nursing and Health Services.
