Paradise LakesApartments

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MIAMI—Locally-based Housing Trust Group has closed on financingfor Paradise Lakes Apartments, a new $25 million garden-styleaffordable apartment community with ground-floor retail space inthe West Kendall section of Miami. Construction is slated to beginimmediately.

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"Miami's affordable housing crisis grows more dire each year, soit's critical that more developments like Paradise Lakes get built,and the most effective way to do that is to expand the federal LowIncome Housing Tax Credit program," HTG's President and CEO MatthewA. Rieger tells GlobeSt.com. "HTG currently has approximately 2,000new affordable units in its pipeline in Florida, all made possiblethrough the federal program. However, it's not enough – we stillneed a lot more new supply to alleviate the pressure on our workingfamilies and seniors. Our hope is that this issue moves to theforefront of our nation's priorities as we head into an electionyear."

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Paradise Lakes Apartments will provide 76 affordable apartmentsset aside for residents earning between 30 and 80 percent of thearea's median income. Monthly rent for qualifying residents willrange from $401 to $1,443.

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Funding sources for Paradise Lakes Apartments included $14.49million in 9 percent Low Income Housing Tax Credit Equity (LIHTC)provided by City Real Estate Advisors; a $5.5 million loan fromKeyBank, and $1.6 million in soft financing from Miami-Dade County.HTG purchased the 2.7-acre site in March of 2019 for $2.8 million.The property is expected to be delivered in April 2021, withpre-leasing set to begin in late 2020.

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"This is an outstanding location, close to the hospital, grocerystores, public transportation, and great schools," Rieger says."We're excited to have the opportunity to create somethingbeautiful that Miami's working families can afford."

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This is Housing Trust Group's fifth affordable housingdevelopment in Miami-Dade County. The building and design team forParadise Lakes Apartments is Modis Architects, HSQ Engineers andGomez Construction Company. The property will be built to NationalGreen Building Standards.

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Paradise Lakes Apartments is a three-story building withelevator and 11,388 square feet of retail on the ground floor, withresidential units on the second and third floors. It will consistof 56 one-bedroom, one-bath units, and 20 two-bedroom, two-bathunits, ranging in size from 688 square feet to 1,108 square feet.Units will have washer/dryer hook-ups, full-size Energy-Starappliances, luxury wide plank flooring, and balconies. Communityamenities include a clubroom with a kitchen and lounge seating,state-of-the-art fitness center, business/computer room, acommunity garden with seating, smart storage lockers, electric carcharging stations, bicycle racks and several activity areas.

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