Kissimmee Affordable Housing Project Rents Start at $592
HTG secured financing and broke ground on Kissimmee Cove, a new 73-unit affordable housing community located in the City of Kissimmee. Apartments are reserved for income-qualifying residents, with monthly rents ranging from approximately $592 to $1,660. Average rents in the submarket now exceed $1,500 for a one-bedroom apartment.
The community is supported in part by an $8.4 million loan from Community Development Block Grant–Disaster Recovery (CDBG-DR) funding. Kissimmee Cove is financed with $9.37 million in FHFC tax credits syndicated by Raymond James; an $8.4 million CDBG-DR loan; a $12 million construction loan from Fifth Third Commercial Funding; and a $6.57 million permanent loan from Grandbridge through Freddie Mac.
Located at 1790 N Hoagland Blvd., Kissimmee Cove will deliver 62 one-bedroom and 11 two-bedroom apartments with full-size appliances and energy-efficient windows, and amenities including a multipurpose club room with community kitchen, fitness center, cybercafe, and swimming pool with barbecue area. A number of social services will be offered as well.
Other News
Truist Closes Construction Loan for Long Beach Multifamily
Truist recently closed a $152-million construction loan for Marina Shores, a 390-unit multifamily community at 6615 E. Pacific Coast Hwy. in Long Beach. The project is being developed by Carmel Partners. The six-story project will transform an aging office complex and surface lot into a mixed-income community with approximately 5,400 square feet of ground-floor retail...
Learn more
Merchants Bank Retains CBRE to Market Fee Interest in Midtown Residential Property
CBRE has been retained by Merchants Bank to market for sale the fee interest in 19 W. 55th St., a vacant, nine-story residential property with continuous retail frontage in Midtown Manhattan. CBRE’s Daniel Kaplan was appointed by the bank to spearhead the sale. “Opportunities to acquire the fee interest of an asset in this premier...
Learn more
Logos Faith Development Expands into San Diego Market
Logos Faith Development, in partnership with San Diego’s Logan Temple AME Zion Church, commemorated the official groundbreaking on Logos Logan Legacy Place at the project site. The 43-home affordable housing community is located at 3186 and 3190 Franklin Ave. in San Diego’s Logan Heights neighborhood. The project marks the affordable housing developer’s expansion into the San Diego...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout