1396 NW 36TH ST, ALLAPATTAH, FL
Integra Investments and Elderly Housing Development & Operations Corp., or EHDOC, invested $58 million to develop the 13-story, 271 unit affordable senior housing project in Miami’s Allapattah neighborhood.
Miami-based Integra is a private equity and real estate developer, led by Paulo Tavares de Melo. EHDOC is a national nonprofit organization that develops and manages affordable housing for seniors. Based in Fort Lauderdale, it is led by Melanie Ribeiro.
A company tied to Integra bought the land in 2017 for $3.8 million, according to records.
The development, called Mosaico, will sit on 1.2 acres. It was financed with 4 percent low income housing tax credits and a $45.5 million in tax exempt bonds issued by the Housing Finance Authority of Miami-Dade County. The project will have a HUD project-based voucher subsidy administered by Miami-Dade County Public Housing & Community Development, according to the release.
Boston Capital provided the LIHTC equity capital and R4 Capital Funding provided the construction and permanent financing.
The community will include 179 one-bedroom units, 92 studios and four townhomes. Amenities will include a fitness center, library, computer center and rooftop community garden. Mosaico was designed by CC Hodgson Architectural Group, which specializes in elderly housing.
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