Developer Green Mills Group Hosts Grand Opening of Aida Palms, a New Construction Affordable Housing Community.
Lakeland, FL (June 20, 2017) | On Thursday, June 22, 2017, the City of Lakeland will celebrate the grand opening of Aida Palms, a new affordable housing development. Aida Palms is a “green” certified community and will have 96 residences, on-site professional management, a fitness center, dog park, playground, computer center, clubroom and other amenities.
Aida Palms’ financing partners include JP Morgan Chase, Raymond James Tax Credit Funds and Florida Community Loan Fund. Raymond James provided an investment of approximately $15.5 million in tax credit equity and JP Chase provided a $5 million construction loan. Florida Community Loan Fund is the permanent lender and provided a $700,000 long-term loan.
“RJTCF is honored and very proud to be a small component of another successful GMG development. We look forward to seeing Aida Palms enrich the lives of of so many deserving individuals and families within the city of Lakeland and Polk County.” said Sean Jones, Director of Acquisitions for Raymond James Tax Credit Funds.
Construction commenced in 2016 and recently completed. Aida Palms began leasing in March 2017 and was fully pre-leased prior to construction completion. Total development cost was approximately $16.5 million. The community was developed and built on time and on budget.
“Aida Palms is a shining example of what affordable housing can be. We hope our residents will be proud to call the community their home, and we’re grateful for support from the City of Lakeland and our financing partners”, said Mitchell Rosenstein, a principal and co-founder of the community’s developer Green Mills Group.
During the grand opening, residents and guests will have a chance to interact with many of the groups responsible for Aida Palms’ successful completion, including the developer, financing partners and public officials.
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