U.S. Bank Closes on more than $24 Million in Tax Credit Financing for Affordable Housing Community in Miami
MIAMI, Fla. – U.S. Bank has closed on more than $24 million in Low-Income Housing Tax Credit equity financing for the construction of St. Martin’s Place in Miami, a 94-unit affordable multifamily apartment complex being jointly developed by McCormack Baron Salazar and Miami-based BHG Development. The property is expected to open in mid-2015.
“We’re pleased to continue to expand our presence in South Florida,” said John Lisella, vice president of U.S. Bancorp Community Development Corporation, U.S. Bank’s community development subsidiary. “Partnering with McCormack Baron Salazar, a highly-reputable national affordable housing developer that we’ve been proud to partner with for more than three decades, and BHG Development, an experienced developer with local insight, opens the door for new regional housing opportunities.”
The 12-story, high-rise building will be built on an urban infill site near Jackson Memorial Hospital in the Overtown neighborhood adjacent to the Culmer Metro Rail Station. It will consist of a mix of one, two and three-bedroom units in a community with controlled access, an exercise room, library, computer lab, laundry hook-up in each unit and common laundry facilities on the ground floor. Half of the units will be set aside as supportive housing to serve the needs of formerly homeless individuals.
“With low vacancy rates pressuring rental rates in the region, it’s critical to provide residents with access to affordable rental housing with nearby amenities,” said Gonzalo DeRamon, Principal for BHG Development.
St. Martin’s Place marks the second affordable housing development in South Florida that U.S. Bank has helped fund since mid-2013. Last May, U.S. Bank closed on a financing package of $39 million for the construction of Village Place, an affordable housing community for seniors in Fort Lauderdale opening later this year.