The Richman Group closed on $42 million in financing for Allapatah Trace Apartments, a planned affordable housing project in the city of Miami.
The financing breaks down to a $23.7 million low-income housing tax credit, through SunTrust Community Capital, and an $18.4 million construction loan through SunTrust Banks, according to a press release.
The multifamily development, at 3401 Northwest 17th Avenue, will have 77 units when completed at the end of next year. A Richman affiliate closed on the land in August for $2.85 million, according to Miami-Dade County property records. Allapattah is a neighborhood west of Wynwood and north of the Miami River.
Stephen Daley, senior vice president at the Richman Group, said the existing on-site retail will be relocated.
Daley The Real Deal that the project will target families with an area median income between 30 percent and 60 percent.
Allapattah Trace will offer units with one and two bedrooms, Energy Star appliances and walk-in closets. Community amenities will include a clubhouse, business center, playground, gym and laundry room. Construction began in October.
In July, the Richman Group of Florida broke ground on Azura, a $47 million luxury apartment community in Kendall. The developer has completed 63 affordable housing projects in Florida, including Tampa, Naples and Orlando.
Other affordable housing developments in South Florida include Courtside Family Apartments in Overtown, Wagner Creek Apartments in Miami, and the proposed Peary Court project in the Florida Keys.