MIAMI—Allapattah Trace Apartment, a 77-unit multifamily complex northwest of Downtown Miami, just secured a $42 million loan. SunTrust Community Capital provided the financing to Richman Group.

Allapattah is a historic neighborhood. The complex will offer affordable housing options in the area. SunTrust made a $23.68 million Low-Income Housing Tax Credit equity investment in the development, and SunTrust Banks provided construction loans totaling $18.37 million.

"There is a huge appetite for financial institutions to deploy capital in this space," Paul Woodworth, president of SunTrust Community Capital, tells GlobeSt.com. "A limited supply of affordable housing projects, coupled with a history of funds allocated for these types of deals performing very well, are key factors in the growing demand for this product. Both investors and tenants are also attracted to these developments due to the high quality of housing delivered at rents substantially below the market."

Allapattah Trace will feature one- and two-bedroom units, and each apartment will be equipped with Energy Star certified appliances, a central HVAC system and a walk-in closet. Residents will have access to community amenities including a clubhouse, business center, playground, exercise facility and laundry room. Services such as tutoring and an after-school program will also be available.

"Closing the financing for Allapattah Trace is a key step toward the delivery of much-needed affordable housing options for this historic neighborhood," says Stephen Daley, senior vice president of Richman Group. "Living environments matter, which is why we're building apartments that we and the community will be proud of for years to come."

Construction for the project launched in October. Construction is scheduled to be completed by the end of 2016.