Miami Heat Alum Partners on Affordable Housing Project in Miami-Dade
By Julia Echikson October 18, 2022 7:34 pm
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Housing Trust Group (HTG) and a nonprofit founded by NBA Hall of Famer Alonzo Mourning broke ground on an affordable housing project for seniors at the southern end of Miami-Dade County after securing a mix of equity and debt financing, the developers announced this week.
The eight-story development, Tucker Tower, will feature 120 units, all of which will be reserved for those over 62 years old who earn at or below 25, 30 and 60 percent of the area’s median income. Rents are expected to range between $457 to $1,317 per month.
The property — located at 9940 W Hibiscus Street, adjacent to S Dixie Highway — is scheduled for delivery in early 2024. Earlier this year, the joint venture paid $4.7 million for the 1.9-acre site.
The financing for Tucker Tower includes a $30 million construction loan from Bank of America and a $9.5 million permanent loan from Berkadia.
On the equity side, financing included $28.4 million in 9% Low Income Housing Tax Credit equity purchased by Bank of America; $2.4 million in Miami-Dade County Surtax funding, and another $3.2 million in tax credit equity through the 2022 Construction Housing Inflation Response Program, an emergency program established by the Florida Housing Finance Corporation to fill funding gaps as a result of supply chain delays, inflation, and labor shortages.
The development marks the fifth affordable housing project between Mourning’s non-profit AM Affordable Housing and HTG, a Miami-based developer. The shared portfolio includes Courtside Apartments in Overtown, completed in 2016.
Mourning spent 11 years with the Miami Heat team, winning an NBA championship in 2006.
Julia Echikson can be reached at jechikson@commercialobserver.com.
