The joint venture of Housing Trust Group and non-profit AM Affordable Housing has broken ground on Princeton Grove, a 107-unit affordable multifamily community in Crestview, Fla. Residences will cater to seniors and veteran seniors. Bayern Construction has been selected as general contractor, with architecture and interior design provided by PQH Group. Completion is scheduled for Fall 2024.
The capital stack for the $23.5 million development includes:
- $9.1 million in 4 percent LIHTC equity syndicated through Truist Community Capital
- $14 million construction loan from Truist Bank
- $8.6 million State Apartment Incentive Loan
- $600,000 Extremely Low Income loan
- $654,000 National Housing Trust Fund loan
- $7.5 million Freddie Mac loan through Grandbridge Real Estate Capital
A community for veterans
The four-story community will encompass one- and two-bedroom floorplans for seniors aged 62 and over. All apartments will be reserved for individuals earning at or below the thresholds of 22, 30 and 60 percent of area median income, with monthly rents ranging from $363 to $1,188. At least five residences will be set aside for veterans meeting both the income and age criteria. Common-area amenities are slated to include a swimming pool, fitness center, media room with computer stations and a dog park.
Located at 475 Aplin Road, the development site is close to Interstate 10, roughly 50 miles from Pensacola and some 20 miles north of the Destin-Fort Walton Beach Airport. Numerous dining and retail options along South Ferdon Boulevard, as well as the North Okaloosa Medical Center, are close to the property.
This project represents the seventh collaboration between HTG and AM Affordable Housing. Earlier this year, the developer teamed up with another non-profit and kicked off the construction of a $43.5 million affordable community in South Florida.
