US-based housing developer Lincoln Avenue Capital (LAC) has closed on the financing for the construction of 301 Flats and The Savoy at 301 in Florida, US.
The two new communities are the company’s first building projects in Florida.
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The 301 Flats will deliver 324 affordable housing units for families and individuals, while The Savoy at 301 will feature 248 housing units for seniors.
Following their completion, both projects will be reserved for people earning not more than 60% of the area median income. Seniors aged 62 years or older will be the minimum requirement to avail of housing units at The Savoy at 301.
These projects will provide access to budget-friendly housing in the North Port-Sarasota-Bradenton metropolitan region, where there is a growing demand for affordable homes, claimed LAC.
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This latest announcement represents the company’s second and third closing on ground-up development, following the commencement of construction on its first ground-up apartment community in Colorado Springs in 2022.
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By GlobalDataLAC CEO Jeremy Bronfman said: “Lincoln Avenue Capital is thrilled to continue growing our new ground-up development programme.
“This deal represents an exciting opportunity to significantly increase the affordable housing stock in a key area where seniors, families, and individuals face a shortage of attainable high-quality homes.”
The projects were individually financed via Citibank‘s Back to Back Loan Program for construction and permanent financing, while tax-exempt bonds were provided by the Housing Finance Authority of Manatee County.
Furthermore, the projects received low-income housing tax credit equity investment from US Bank and a soft loan to cover impact fees from Manatee County.
LAC vice president & project partner Jordan Richter said: “This collaborative effort with our financing partners will deliver much-needed affordable housing to the Bradenton-Sarasota area.
“As rent pressure remains high in Florida and throughout the country, Lincoln Avenue Capital is committed to providing innovative solutions to confront our national housing crisis.”
Construction of both communities began in January. Initial apartment units are anticipated to be ready for occupancy in 2024.
The 301 Flats will consist of 13 three-storey apartment buildings, with amenities such as a fitness centre, swimming pool, playground, sports court, and covered picnic area with grills.
The Savoy at 301 will be a four-story mid-rise building. It will offer a community room, fitness centre, cards and crafts room, and a covered picnic and grilling area for the residents.
The two projects will come with Energy Star-rated features and appliances, as the company prioritises sustainability measures.
