SunTrust funds $42M for affordable apartment development in Miami

The Richman Group secured $42 million in financing to build the Allapattah Trace Apartments in Miami with help from SunTrust Community Capital.

The 77-unit affordable apartment project is under construction at Northwest 17th Avenue and Northwest 34th Street. It’ll have one- and two-bedroom apartments, each with Energy Star appliances and a walk-in closet. Amenities will include a clubhouse, business center, playground, fitness center and laundry room.

“SunTrust Community Capital’s success in multifamily housing is driven by the outstanding partnerships we have with companies like The Richman Group,” said Paul Woodworth, president of STCC. “Quality housing options like Allapattah Trace can transform and revitalize a neighborhood, and we are pleased to play a part in its development.”

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Source: Published: South Florida Business Journal