First Housing Development Corporation of Florida

Owner:

Caribbean Village, Ltd.

Architect:

Behar-Font & Partners, P.A.

General Contractor:

PHG Builders, LLC

Client:

Caribbean Village, Ltd.

Scope Of Work

First Housing Development Corporation of Florida completed the Credit Underwriting for the Florida Housing Finance Corporation and Miami Dade County Departments of Public Housing and Community Development for the construction and permanent financing of Caribbean Village apartments, a 123 unit elderly housing development to be located in Miami Florida.

First Housing will be the construction administrator for Florida Housing Finance Corporation and will conduct permanent loan servicing and project compliance monitoring at completion.  

Construction to Permanent Financing includes Florida Housing Tax-Exempt Mortgage Revenue Note of $16,500,000, a Florida Housing State Apartment Incentive Loan of $5,000,000, a Florida Housing State Apartment Incentive Loan for Extremely Low-Income of $362,400, Miami Dade County Surtax and Home loan reallocations totaling $6.5 million, South Miami Heights CDC grant of $5,000,000 and an award of Housing Tax Credits.

Caribbean Village will contain 85 one bedroom and 38 two bedroom units within One Seven story High-Rise residential building with elevator on 3.2 acres.  The project will be 100% age and income restricted at or below 60% AMI at completion.  

Standard Unit Amenities will include energy star rated appliances, central heat and air conditioning. The development amenities include a community room, game room, fitness center, business center and leasing office.   

This will be phase one of two scheduled for development.  

The estimated completion date will be on or around late June or early July 2019.

For more information on First Housings’ Services contact us at loanadmin@firsthousingfl.com.