Housing Trust Group (HTG), a leading affordable housing developer, has partnered with AM Affordable Housing, a non-profit organization founded by NBA Hall of Famer and Miami Heat icon Alonzo Mourning, to develop Princeton Grove, a $23.5 million affordable housing community. Situated at 475 Aplin Road in Crestview, Florida, Princeton Grove will be a four-story residential development featuring a variety of one- and two-bedroom apartments. Catering to seniors aged 62 and older and senior veterans of the armed services, the partnership has recently secured financing and initiated construction on the project with Bayern Construction as the general contractor.
Funding for Princeton Grove comprises $9.1 million in 4% Low-Income Housing Tax Credit equity, facilitated through Truist Community Capital, and a $14 million construction loan from Truist Bank. The project also received three loans from the Florida Housing Finance Corporation: an $8,550,000 State Apartment Incentive Loan (SAIL), a $600,000 Extremely Low Income (ELI) loan, and a $654,000 National Housing Trust Fund (NHTF) loan. Furthermore, a $7.45 million Freddie Mac loan was obtained via Grandbridge Real Estate Capital.
Located about an hour east of Pensacola, Florida, Princeton Grove apartments will be designated for residents whose income qualifies at or below 22%, 30%, and 60% of the area median income (AMI). Rent prices will range from $363 to $1,188 per month. Moreover, the developer has pledged a minimum of five apartments for veterans who fulfill the same income and age requirements, recognizing their importance to the local community. The property is slated to open in the Fall of 2024.
“The demand for housing in the Florida Panhandle has never been greater,” said Matthew A. Rieger, President, and CEO of HTG. “Princeton Grove supports the City of Crestview’s 2020 master plan goals by creating more affordable housing, creating safe and attractive housing, giving residents access to a multitude of recreational and lifestyle amenities, giving the community a say in the development scheme, and by creating a property with excellent curb appeal that enhances the overall character of the surrounding area.”
Princeton Grove marks the seventh affordable housing partnership between HTG and the non-profit AM Affordable Housing. Other joint projects include the acclaimed Courtside Apartments in Overtown, Miami (2016), and the recently finished Shoreline Villas community in the neighboring Panhandle City of Fort Walton Beach.
The development will offer a range of amenities, such as a clubhouse, a cutting-edge fitness center, a pickleball court, a putting green, a media room with computer stations, a resort-style swimming pool, and a dog park. Apartment features include Energy Star®-certified appliances and granite countertops, meeting the National Green Building Standard certification requirements.