Trinity Towers South
POAH acquired Trinity Towers South, a 162 unit, 4 story, mid-rise property that serves seniors in Melbourne, FL, in 2013 from the Holy Trinity Episcopal Church. Built in 1982, Trinity Towers South was financed with a HUD 223(f) insured loan at the time. Acquisition financing was based on an assumption of this existing FHA insured 223(f) loan.
Trinity Towers South serves seniors and disabled; the property was developed as a Section 202/8 property with extensive amenities usually associated with congregate living facilities including a central kitchen that provides meals for the residents. Resident services will continue to be a major feature of the property into the future.
In 2016, POAH closed on a 4% bond recapitalization with soft funding from Florida Housing Finance Corporation (EHCL) and Affordable Housing Program funding from the FHLB-San Francisco, sponsored by the Missouri Valley Corporation Bank. The bonds were issued by Brevard County and purchased by Citibank. With Boston Capital’s equity investments, POAH was able to fully recapitalize the property.
POAH’s renovations included select kitchen and bath renovations, ADA and accessibility improvements, common area improvements, new mailbox systems, new windows, HVAC, roof replacement, fire alarm and nurse call systems, dining room and commercial kitchen renovation, and elevator modernization.
- City of Melbourne
- Missouri Valley Bank
- Federal Home Loan Bank of San Francisco
- Boston Capital
- Florida Housing Finance Corporation