Douglas Gardens V will deliver 110 affordable apartments to Pembroke Pines

Housing Trust Group(HTG), one of the nation’s largest developers of affordable housing, closed on financing for construction of Douglas Gardens V, a 110-unit, $36 million affordable senior housing community in the Broward County city of Pembroke Pines.

The joint venture between HTG and Miami Jewish Health Systems is slated to shortly break ground creating nearly 100 construction jobs and seven new permanent jobs when the community opens in early 2019.

One- and two-bedroom units at Douglas Gardens will be available only to senior renter households earning at or below 60% of area median income. Rents will range from $405 to $953 per month to those with qualifying incomes.

Matthew Rieger, President and CEO of developer HTG, commented, “This is a true success story and a testament to our perseverance having navigated many challenges on the path to closing. HTG, and our non-profit partner MJHS, are pleased to now move forward onto what really matters most, providing much needed affordable senior housing for those most in need in our communities.”

Douglas Gardens V is being financed with $13 million of construction financing from US Bank; $8.9 million of permanent financing from Barings Mass Mutual; $8.44 million of housing credit equity (4%) through US Bancorp; and $5,781,900 of competitively secured loans from the Florida Housing Finance Corporation.

The contributions of Richard Skelley and Jason Pincus of MJHS proved instrumental, alongside the support of Pembroke Pines City Manager Charles

Dodge; and Michael Stamm, Dean Piper and Joseph Yaciuk of the city’s Planning and Economic Development team.

Amenities at Douglas Gardens V will include a multi-purpose community room, a Wi-Fi enabled computer lab, a private courtyard with landscaped pathways and private gardens.

HTG presently has three other affordable housing communities under construction in South Florida: Arbor View, a senior housing community in Margate; Covenant Villas, an affordable community for families in Belle Glade; and Princeton Park, a family affordable community in southern Miami-Dade County.

About Housing Trust Group

Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities whose real estate transactions exceed $2 billion in commercial, land and residential developments across Florida, the Southeastern U.S. and Arizona. HTG develops, builds and manages a diverse portfolio of affordable housing, workforce housing, market-rate housing, and mixed-use developments. For more information,please visit www.htgf.com.