LARGO, FL – December 17, 2014 – Housing Trust Group (HTG), a leading real estate developer in Florida, the Southeastern U.S. and Arizona, has closed on the financing of Whispering Palms Apartments, a $12.4 million, 63-unit affordable housing community targeting families in Largo and throughout Pinellas County. The development includes 4 units specifically for special needs families.
“We are grateful for the opportunity to partner with Pinellas County on a project of great community necessity and value which provides families in Largo with more options for safe, affordable and quality housing,’’ said Matthew Rieger, President and CEO of Housing Trust Group.
Construction has commenced on the 4.4 acre site located at 601 16th Avenue SE, just east of Seminole Boulevard in Largo. Beyond adding to the much-needed inventory of safe, quality, affordable rental housing, this new Housing Trust Group development will also create approximately 95 jobs during the 12-month construction phase with another 24 permanent jobs at the opening of Whispering Palms.
Development costs are estimated at $12.4 million. Project funding sources include: Raymond James Tax Credit Fund equity raised from the purchase of Florida Housing Finance Corporation low-income housing tax credits; construction and permanent debt financed by JP Morgan Chase and First Housing Development Corporation and a vital loan from the Pinellas County HOME Investment Partnership loan program.
Whispering Palms will feature a mix of two and three bedroom townhome and garden-style apartments surrounded by lush landscaping within a quiet setting in close proximity to a multitude of amenities, including local shopping and schools. The families of Whispering Palms will enjoy an array of community amenities including a multipurpose clubhouse, large pool with pergola, fitness center, playground, and computer lab. Residents will also have an opportunity to participate in on-site programs such as after-school children’s programs, literacy training, and employment assistance and skills workshops.
HTG has incorporated green design and building techniques in the construction of Whispering Palms, in line with requirements for National Green Building Standards (NGBS). Residential units offer eco-friendly features such as low-flow plumbing fixtures, low-VOC paint, Energy-Star qualified appliances, Energy-Star windows, and energy efficient HVAC systems.
About Housing Trust Group
Housing Trust Group (HTG) is the parent company of various affiliated real estate companies. Its real estate transactions exceed $2 billion in commercial, land and residential developments across Florida, the Southeastern U.S. and Arizona. From affordable residential housing to market-rate residential, to retail, mixed-use and vacation resort communities, HTG’s network of fully-integrated real estate operations provides a level of service to the real estate industry that is unparalleled. For more information, visit www.htgf.com.