FORT LAUDERDALE, FLA. — Housing Trust Group (HTG) and Mount Hermon African Methodist Episcopal (AME) Church Inc. has broken ground on Mount Herman Apartments, an affordable seniors housing project in Fort Lauderdale. The seven-story property will be located at 750 NW 4th St. and offer one- and two-bedroom units ranging from 650 to 950 square feet. Apartments will be reserved for income-qualifying residents 62 and older who earn at or below 25 and 60 percent of the area median income (AMI), with rents ranging from $425 to $1,225 per month.
Amenities will include a rooftop pool and pool deck with lounge seating, fitness center, multipurpose clubroom with kitchenette and an outdoor community gathering space. Services provided at the community will include 24-hour resident assistance and a resident assurance check-in program, adult literacy training and assistance with light housekeeping, grocery shopping and laundry.
Funding sources for Mount Hermon Apartments include $32.6 million in 9 percent LIHTC equity syndicated through Raymond James, a $33 million construction loan through TD Bank, a $7.5 million Freddie Mac loan through Berkadia and a $640,000 loan from the City of Fort Lauderdale.
HTG and Mount Hermon AME Church plan to open the property in late 2024.