Housing Trust Group & Elite Equity Development break ground on Phase 2 of the ‘Naranja Grand’ Affordable Housing Community in Leisure City

A joint venture between Housing Trust Group (HTG) and Elite Equity Development, Inc. (EED), has closed on financing and commenced construction on Naranja Grand II, a new $71 million affordable apartment community comprised of 200 residences in Leisure City, Southwest Miami-Dade County. Naranja Grand II is the second phase of a comprehensive two-phase development, addressing a critical need for affordable and workforce housing in Miami-Dade County. The first phase of Naranja Grand – which caters to seniors aged 55 and older – commenced construction on its 120 residences in January. The design and construction team for Naranja Grand II includes ATL Architecture, general contractor Gomez Construction, engineer EAC Consulting, interior design by Builders Design, and landscape architecture by Sieger Suarez Architects.

Apartments at Naranja Grand II will be reserved for income-qualifying residents who earn at or below 22, 30, 60, and 70 percent of the area median income (AMI). Monthly rents will range from $425 to $1,878. Construction is slated to commence in April 2024, and the property is expected to be completed in Q3 2025. Leasing is expected to begin in the Summer of 2025.

Naranja Grand II Night Rendering. Credit: Housing Trust Group, Elite Equity Development.

“Amidst escalating rental costs, population growth, and a noticeable shift southward in Miami-Dade County, there’s an urgent demand for affordable and workforce housing,” said Matthew Rieger, President and CEO of HTG. “Naranja Grand epitomizes our dedication to addressing this challenge head-on and offering relief to this persistent issue. This second phase will ensure that we continue to deliver essential housing for families in search of high-quality affordability.”

Located at 28050 Southwest 147^th Avenue, at the intersection with Southwest 280th Street, Naranja Grand II will be an 8-story residential building featuring 90 one-bedroom, 98 two-bedroom, and 12 three-bedroom units. Spanning more than 212,000 square feet, residents can indulge in a plethora of amenities, including a spacious multipurpose community room with a catering kitchen, a resort-style swimming pool, a state-of-the-art fitness center, outdoor recreational areas, a cyber cafe, and modern, chic fixtures and finishes throughout. The National Green Building Standard Certified property will feature energy-efficient lighting and appliances.

Complementing the residential offerings, Naranja Grand II will offer residents a variety of complimentary on-site programs, such as financial management, employee assistance, and adult literacy classes.

Funding sources include $34 million in 4% SAIL Low-Income Housing Tax Credits (LIHTC) equity syndicated through Raymond James, a construction loan of $20 million provided by JPMorgan Chase & Co., a construction loan of $16.5 million provided by TD Bank, a permanent Freddie Mac loan of $16.4 million through Berkadia, a Florida Housing Finance Corporation Viability Loan of $7.6 million, a $5 million State Apartment Incentive Loan (SAIL), a loan of $4 million from the Miami-Dade County Affordable Housing Surtax Program, a $1.5 million National Housing Trust Fund (NHTF) loan, a $600,000 Extremely Low Income (ELI) loan, and a $2.5 million combined self-sourced loan from HTG and EED.

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