Forest Ridge

Forest Ridge is a $17MM new construction, 55+ community with 119 residences, a clubhouse, and amenities. Forest Ridge received a competitive 9% annual tax credit allocation of $1.51MM from FHFC in December 2013. It was also awarded a $500,000 AHP grant from Federal Home Loan Bank of Atlanta.

US Bank provided tax credit equity and senior debt. Citrus County awarded Forest Ridge with a subordinate SHIP loan.

Construction commenced December 2014, concurrent with tax credit equity and debt financial closings. Final Certificates of Occupancy were received in Q4 2015. The property received green certifications for its energy efficient and sustainable features, including low-flow fixtures, solar array, SEER rated appliances, etc. After three months, Forest Ridge was 100% leased, far exceeding third-party market study expectations, and currently maintains a waiting list.

Location: Beverly Hills, Florida
Project Details: 119 Multi-family Apartments
Construction Start/Completion: 2014/2015 
Green Mills Group:  Developer/Owner/Asset Manager                                                    Lender(s): US Bank, Citrus County, Churchill Stateside Group
Limited Partner: US Banks
Development Cost: $17MM
Website: www.forestridgeseniorresidences.com