Housing Trust Group (HTG) and Elite Equity Development have commenced construction on the Naranja Grand apartments, a new senior housing development in Leisure City. The project will feature 120 units reserved for individuals aged 55 and above with income levels between 30% to 70% of the area’s median income. HTG has announced that rent prices at Naranja Grand will range from $580 to $1,625 per month, with an expected completion date of spring 2025.
Situated on a prime location just three blocks east of U.S.1/South Dixie Highway, this eight-story development is estimated to cost around $44 million.
According to reports from South Florida Business Journal, financing for the project was secured through various sources including $26 million in low-income housing tax credits provided by Raymond James and a construction loan worth $26.2 million from TD Bank. Additionally, funding amounting to $4.3 million was obtained from Florida Housing Finance Corp., while another contribution worth$3million came from the county’s surtax program dedicated towards affordable housing initiatives.Berkadia also assisted in securing an additional$9million financing through Freddie Mac upon completion of the project.
The announcement comes as Leisure City prepares for its newest addition -a state-of-the-art senior living community catering specifically towards older adults looking for affordable yet comfortable accommodation options within their budgetary constraints.
