Trinity Towers East
Trinity Towers East, a 14-story 156-unit development was acquired in 2013 from the Holy Trinity Episcopal Church of Melbourne, Florida. Trinity Towers East was built in 1967 under the HUD Section 202 program with a direct loan.
When acquiring the property in 2013, POAH faced the challenge of navigating the distinct rules of the different programs; the transaction benefited, however, from HUD’s new rules regarding refinancing and sale of these older Section 202 developments which makes it easier for faith-based owners to transfer properties to non-profits specializing in housing.
POAH financed the initial acquisition with funding from the Low Income Investment Fund. Trinity Towers East is 67% Section 8 designated for seniors over the age of 62.
In 2016, POAH secured soft funding (SAIL and EHCL) from Florida Housing Finance Corporation. The property was also awarded capital funds and a subsidized advance from the FHLB of Boston, in partnership with Boston Private Bank. These funds coupled with the 4% bonds, which were purchased by Citibank, and credits, syndicated by Boston Capital, led to a full recapitalization of the property which was completed in December 2017.
POAH renovations included select kitchen and batch renovations, ADA and accessibility improvements, common area improvements, new windows, HVAC, roof replacement, fire alarm and nurse call systems, fire sprinklers throughout the building and elevator repairs.
- Florida Housing Finance Corporation
- US Department of Housing and Urban Development (HUD)
- Boston Capital
- Boston Private
- Federal Home Loan Bank of Boston