Cadenza at Hacienda Lakes

Overview

Deal Type Bridge
Construction
Low Income Housing Tax Credits
Size $28.5 Million
New construction of 160 affordable units

Summary

$28.5MM financing for construction of a 160-unit (Studio, 1 & 2 BR) affordable senior project (62+) to be constructed in Naples, Florida. The Sponsor is McDowell Housing Partnership (MHP). This is the third loan for MHP in this market and the project is located adjacent to the Allegro senior project that closed in January 2022. The two projects will provide 320 total units of affordable housing for seniors. All 160 units will be set aside for individuals and families earning no more than 28% and 60% of the Area Median Income (AMI). Sixteen (16) units will be affordable to households earning 28% of AMI and will be distributed amongst studio, one-bedroom, and two-bedroom units. Eight (8) units will be set aside for Special Needs households, which is defined as a household consisting of an individual or family that is homeless, a survivor of domestic violence, a person with disability or youth aging out of foster care.

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