NBA Hall of Famer Alonzo Mourning and Housing Trust Group have secured $47 million in financing for a seniors-only affordable housing development in Hollywood, marking another significant addition to South Florida's affordable housing pipeline.

The financing package supports construction of the 96-unit Villa Jordana at 826 South Dixie Highway, with completion expected next year. The development represents a complex financing structure designed specifically for affordable housing projects, combining multiple funding sources to make the economics work.

The financing includes $33.8 million in low-income housing tax credit equity syndicated by Raymond James, alongside a $32 million construction loan and $10.2 million permanent loan, both from Capital One through Freddie Mac. The city of Hollywood contributed an additional $640,000 loan to bridge the financing gap.

Villa Jordana will serve renters aged 62 and older earning between 33 percent and 60 percent of the area median income. Monthly rents will range from $713 to $1,555, representing a significant discount to Hollywood's average rent of $2,179 this month, according to RentCafe data.

The project highlights the ongoing collaboration between Mourning's AM Affordable Housing nonprofit and Coconut Grove-based Housing Trust Group, led by Matthew A. Rieger. Housing Trust Group has developed more than $4 billion in commercial, residential and land developments across Florida, Arizona, Illinois and Texas, with nearly 2,700 units currently in South Florida.

This partnership extends across multiple Florida markets, including the two-phase Courtside apartment project in Miami's Overtown and recent completions of the Astoria on 9th project in Bradenton and the Oasis at Aventura in the Ojus neighborhood.

For investors and developers, the transaction demonstrates the continued viability of affordable housing development in high-cost South Florida markets, where creative financing structures can bridge the gap between development costs and restricted rental income. The involvement of major institutional players like Raymond James and Capital One signals ongoing appetite for tax credit investments in the region.

Housing Trust Group has particularly focused on Hollywood, with multiple projects including the recently completed 216-unit University Station and plans for the 110-unit Hillcrest Village on Pembroke Road. This concentration suggests the city's zoning policies and incentives create favorable conditions for affordable housing development.