EUSTIS, FL - Housing Trust Group (HTG), Florida’s leading affordable housing developer, has closed on financing and will begin construction of a new $22 million affordable housing community in Eustis, Florida. Valencia Grove II, the second phase of Valencia Grove (144 apartments), will deliver 110 one- and two-bedroom spacious rental apartments for residents 62 and over who earn 22 percent, 35 percent, and 60 percent of local area median income (AMI). Rents will range from $286 to $937 for income-qualifying residents. The property is slated to complete in May of 2021.
Valencia Grove II is a partnership between HTG and non-profit AM Affordable Housing Inc., an organization founded by former Miami Heat player and NBA Hall of Famer Alonzo Mourning. This marks HTG’s third collaboration with AM Affordable Housing. In 2016, HTG and AM Affordable Housing completed a years-long partnership to deliver the award-winning Courtside Apartments in downtown Miami’s historic Overtown neighborhood.
“The COVID-19 pandemic has intensified Central Florida’s affordable housing shortage, so we need more developments like Valencia Grove that provide quality housing for some of our most vulnerable residents, particularly seniors,” said Matthew A. Rieger, President and CEO of Housing Trust Group. “We would like to give a special thanks to the City of Eustis for their support in seeing this development through.”
Located at 2751 Dillard Road, Valencia Grove II is ideally located near both dine-in and take out restaurants, a church, and convenience stores, all of which are a short drive or walk away. The new development will offer a mix of 76 one-bedroom/one-bathroom apartment units (690 square feet) and 34 two-bedroom/two-bathroom apartment units (1,052 square feet). Community amenities include a clubhouse with a state-of-the-art fitness center, a theatre room, a swimming pool, a picnic pavilion, a courtyard, shuffleboard courts, and a community garden. Residents will also have access to a wide array of daily activities, adult literacy programs, assistance with light housekeeping, grocery shopping, and laundry.
Funding sources for Valencia Grove II include an $11.4 million construction loan provided by Fifth Third Bank and a $7.2 million permanent loan from Truist Bank through Freddie Mac. Additionally, Raymond James is providing $7.2 million of 4% LIHTC equity; and Florida Housing Finance Corporation is providing a $5.8 million State Apartment Incentive Loan (SAIL), a $600,000 Extremely Low-Income Loan (ELI), and a $742,000 National Housing Trust Fund Loan (NHTF).
The project and design team for this development includes general contractor Hennessy Construction; Wicks Engineering firm; architect Fugleberg Koch; landscape architect Foster Covenant; and interior design group Cristina Stiles Interiors.