SunTrust Community Capital Provides $42.1M Construction Loan for Miami Apartment Development

MIAMI — SunTrust Community Capital (STCC) has provided $42.1 million in construction financing for the development of Allapattah Trace Apartments, a 77-unit affordable housing property located in Miami’s historic Allapattah neighborhood. The borrower, The Richman Group, began construction on the project in October and plans to deliver the community by the end of 2016. Allapattah Trace will feature one- and two-bedroom units, and each apartment will have Energy Star-certified appliances, a central HVAC system and a walk-in closet. Community amenities will include a clubhouse, business center, playground, exercise facility and laundry room. Services such as tutoring and an after-school program will also be available. STCC made a $23.7 million Low-Income Housing Tax Credit equity investment in the development, and SunTrust Banks Inc. provided construction loans totaling $18.4 million.