Housing Trust Group (HTG), in partnership with Mount Hermon African Methodist Episcopal Church Inc. under the ministry of Rev. Dr. Henry E. Green Jr., has completed Mount Hermon Apartments, a seven-story affordable housing community for seniors aged 62 and older in Fort Lauderdale. Located at 750 NW 4th Street, the $43.5 million development delivers 104 income-restricted residential units targeted to individuals earning between 25% and 60% of the area median income (AMI).
Monthly rents range from $433 to $1,422, significantly below the city’s average rent of $2,229 for a one-bedroom unit, according to Apartments.com. The property includes a mix of one- and two-bedroom layouts spanning from 650 to 950 square feet.
Community amenities feature a rooftop terrace with a paved walking path, shaded lounge seating, and an outdoor kitchen with BBQ facilities. Additional offerings include a second-floor outdoor gathering space, a multipurpose clubroom, and a fitness center. Residents also have access to supportive services such as 24-hour assistance, a check-in program, adult literacy training, and light housekeeping, grocery, and laundry help.
“The completion of Mount Hermon Apartments is a major milestone in our efforts to address the urgent need for affordable housing in Broward County,” said Matthew A. Rieger, President and CEO of HTG. “Partnering with Rev. Dr. Henry E. Green Jr. and the Mount Hermon AME Church has allowed us to create a high-quality community that not only offers seniors a safe and supportive environment but also provides an affordable place to call home. This project underscores the impact of collaboration in tackling the housing crisis, particularly for vulnerable seniors in South Florida.”
The project was capitalized with $32.6 million in 9% Low-Income Housing Tax Credit equity syndicated through Raymond James, a $33 million construction loan from TD Bank, a $7.536 million permanent loan via Berkadia and Freddie Mac, and a $640,000 loan from the City of Fort Lauderdale.
The project team includes HTG Gomez Construction as general contractor, McNamara Salvia for structural engineering, Thomas Engineering for civil and landscape design, REP-R-TWAR as architect of record, and B. Pila Design Studio overseeing interior design…