Housing Trust Group (HTG) and Elite Equity Development have started work on the Naranja Grand apartments in Leisure City. The project will consist of 120 apartments and will be reserved for people 55 years and up with income levels between 30% and 70% of the area’s median income. HTG said rents in Naranja Grand would range from $580 to 1,625. It expects to complete the project in spring 2025.
The eight-story, $44 million project is on a 5.3-acre site three blocks east of U.S. 1/South Dixie Highway.
The S. Florida Business Journal reports the developers financed the project with $26 million in low-income housing tax credits through Raymond James, a $26.2 million construction loan from TD Bank, $4.3 million in funding from the Florida Housing Finance Corp. and $3 million from the county’s surtax program for affordable housing. Berkadia helped the developer source $9 million in financing from Freddie Mac when the development is completed.