HTG and Miami Lakes-based Elite Equity Development, Inc. celebrated the grand opening of Naranja Grand Phase I and Phase II, a $115 million affordable housing community delivering a combined 320 income-restricted apartments in South Miami-Dade. The opening matters because Miami-Dade County is confronting one of the nation's most severe housing affordability challenges, with estimates placing the county's shortage of affordable rental homes at approximately 70,000 to 90,000 units. HTG President and CEO Matthew A. Rieger framed the stakes directly, noting that Miami officially surpassed New York as the most expensive metro in the country and that seniors on fixed incomes face especially severe consequences, with many leaving Miami altogether.
The development consists of two eight-story residential buildings totaling more than 329,000 square feet at 28150 SW 147th Avenue and 28050 SW 147th Avenue. Naranja Grand I, designed for residents age 55 and older, offers 120 apartments for households earning at or below 30, 60 and 70 percent of Area Median Income, with monthly rents ranging from $676 to $2,040. Naranja Grand II offers 200 apartments for families earning at or below 22, 30, 60 and 70 percent of AMI, with monthly rents ranging from $471 to $2,338. Both communities are National Green Building Standard-certified and feature energy-efficient lighting and appliances, along with amenities including multipurpose community rooms, fitness centers, outdoor recreation areas, and a resort-style pool shared by residents of both buildings.
The financing stack illustrates the layered public-private capital required for large affordable housing projects. Phase I included $26 million in 9% Low-Income Housing Tax Credit equity syndicated through Raymond James, a $26.2 million construction loan from TD Bank, a $9 million permanent Freddie Mac loan through Berkadia, a $4.3 million Florida Housing Finance Corporation Viability Loan, and a $3 million loan through the Miami-Dade County Affordable Housing Surtax Program. Phase II was more complex, combining $29 million in 4% LIHTC equity syndicated through U.S. Bank, a $20 million construction loan from JPMorgan Chase & Co., a $16.5 million construction loan from TD Bank, a $16.8 million permanent Freddie Mac loan through Berkadia, a $7.6 million Florida Housing Finance Corporation Viability Loan, a $5 million State Apartment Incentive Loan, a $4 million Miami-Dade County Affordable Housing Surtax Program loan, a $1.5 million National Housing Trust Fund loan, a $600,000 Extremely Low Income loan, and additional FHFC support.
The project's structure signals how developers are responding to South Dade's affordability crisis by pairing senior and family housing in a single multiphase community. Rieger described the development as a "transformational investment" and a "true lifeline" for working adults, seniors, and children, emphasizing that affordable communities of this size are rare and complex to build. J.P. Morgan's Tammy Haylock-Moore framed the construction financing as a long-term investment in residents and the broader Homestead community. The inclusion of on-site services—senior check-ins, light housekeeping, grocery shopping and laundry assistance in Phase I, and financial management, employment assistance and adult literacy services in Phase II—suggests an operating model that extends beyond shelter to resident stability.
The evidence base is limited to a single secondary source, Yield PRO, which reported the grand opening and financing details without independent corroboration in the dossier. The article does not provide occupancy status, lease-up timelines, or operating cost projections, and it does not compare Naranja Grand's per-unit cost or rent levels to other recent South Dade affordable projects. The reported rent ranges are broad, spanning $471 to $2,338, which reflects the multiple AMI bands served but leaves open questions about the distribution of units across income tiers. Future reporting should track whether the development's senior and family components achieve sustained occupancy, how the on-site service programs perform, and whether the layered financing model can be replicated at scale given Miami-Dade's estimated 70,000 to 90,000-unit shortage.