Housing Trust Group (HTG), a leading multifamily developer, in partnership with AM Affordable Housing, a non-profit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, and alongside The Most Worshipful Prince Hall Grand Lodge, Ancient Free And Accepted Masons Of Florida, Inc., a Florida Non-Profit Corporation, have successfully secured financing and commenced construction on Grand East Village, a $30 million affordable senior housing community in Orlando, Florida. The development marks HTG's first venture in Orange County.
Grand East Village will offer 92 affordable apartments for income-qualifying seniors earning at or below 33% and 60% of the area median income (AMI). Monthly rents will range from $597 to $1,303, significantly lower than the current median rent of $1,902 in the greater Orlando area. Leasing is expected to begin in Fall 2025, with completion scheduled for late 2025.
“As the need for affordable housing continues to grow across Florida, we're proud to expand our reach into Orange County with Grand East Village,” said Matthew Rieger, President and CEO of HTG. “This development will provide much-needed affordable housing options for seniors in Orlando, offering not just a place to live, but a radiant community with amenities and services tailored to enhance their quality of life.”
Located at 1199 Bruton Blvd., Grand East Village is a three-story, garden-style building encompassing 96,715 square feet. The community will offer 69 one-bedroom and 23 two-bedroom units, ranging from 690 to 1,052 square feet.
Residents will enjoy a variety of amenities, including a resort-style swimming pool, multipurpose community room with a catering kitchenette and media lounge, theater room, Amazon Lockers, pickleball court, dog park, community garden, BBQ area, state-of-the-art fitness center, and on-property generators.
In addition to the residential offerings, Grand East Village will provide residents with an array of services, such as resident check-ins, light housekeeping assistance, grocery shopping, laundry services, and a range of community events and daily activities.
Funding sources include $27 million in 9% Low-Income Housing Tax Credits (LIHTC) allocated by Florida Housing Finance Corporation and syndicated through U.S. Bank, a construction loan of $23 million provided by JPMorgan Chase & Co., and a permanent loan of $6.45 million from Berkadia.
The design and construction team for Grand East Village includes general contractor BDI Construction, FK Architecture, civil engineer EXO Limited, interior design by Venus Williams – owner of V Starr, landscape architecture by Foster Conant & Associates, and Mina Robinson – owner of MMR Consulting Services, Inc.
HTG would like to thank the City of Orlando and Commissioner Bakari Burns for their invaluable support and assistance throughout the development process for Grand East Village.
