Alonzo Mourning Secures $47M for Affordable Senior Housing in Hollywood

The NBA Hall of Famer's nonprofit and Coconut Grove-based Housing Trust Group have closed financing on Villa Jordana, a 96-unit project for seniors 62 and older. Monthly rents will range from $713 to $1,555, well below Hollywood's average of $2,179.

Key Takeaways

Villa Jordana is a 96-unit affordable senior housing project at 826 South Dixie Highway in Hollywood, with completion expected next year.
The $47 million financing package includes $33.8 million in tax credit equity from Raymond James, construction and permanent loans from Capital One through Freddie Mac, and a $640,000 loan from the city of Hollywood.
Units are restricted to renters 62 and older earning between 33% and 60% of the area median income, with monthly rents ranging from $713 to $1,555.

Alonzo Mourning is adding another affordable housing project to his growing portfolio. The retired Miami Heat star's nonprofit, AM Affordable Housing, has partnered with Hollywood-area developer Housing Trust Group to close $47 million in financing for Villa Jordana, a 96-unit senior housing project at 826 South Dixie Highway.

The project targets a population squeezed by South Florida's affordability crisis: seniors on fixed incomes. With Hollywood's average monthly rent sitting at $2,179 according to RentCafe, Villa Jordana's $713 to $1,555 rent range offers a lifeline for older residents who might otherwise be priced out of Broward County.

How is the project being financed?

The $47 million financing package is a layered structure typical of affordable housing deals:

$33.8 million in low-income housing tax credit (LIHTC) equity syndicated by Raymond James
$32 million construction loan from Capital One through Freddie Mac
$10.2 million permanent loan from Capital One through Freddie Mac
$640,000 loan from the city of Hollywood

Units are restricted to renters 62 and older earning between 33% and 60% of the area median income. For context, Broward County's median income is $96,200. This project targets seniors living on a fraction of that. Completion is expected next year.

As Larry Mastropieri explained on the Discover South Florida Podcast, "That's happening in South Florida right now. It's unaffordable for older people who are on a fixed income these days. And it's crazy. There are a bunch of things we're trying to do to fix that, or the community is trying to fix that. This is a helpful approach."

Looking to buy or invest in Hollywood or Broward County? Understanding how affordable housing projects fit into the broader market matters for long-term property values. Talk to a real estate agent near Fort Lauderdale who tracks these developments. Reach out to The Mastropieri Group or call (954) 833-1468.

Who is behind the project?

Alonzo Mourning, who retired from the Miami Heat in 2009, founded AM Affordable Housing in 2017. The nonprofit focuses on securing tax credits and community reinvestment funding, then partners with developers to build low-income senior and family housing. Mourning has initiated over 10 affordable housing communities, primarily in Florida, with recent expansion into Texas.

Housing Trust Group, led by President and CEO Matthew Rieger, has over $4 billion in development across Florida, Arizona, Illinois, and Texas. The firm currently operates 53 communities nationwide, with 10 under construction. In Hollywood alone, Housing Trust Group completed the 96-unit Hudson Village in 2022 and the 216-unit University Station last year, and recently won approval for the 110-unit Hillcrest Village on Pembroke Road.

Together, the partners have built projects across Florida: the two-phase Courtside apartments in Miami's Overtown (214 total units), the 120-unit Astoria on 9th in Bradenton, and the 96-unit Oasis at Aventura for affordable seniors.

Why is affordable housing an attractive niche right now?

Affordable housing development is an attractive niche because the demand is nearly guaranteed. South Florida is sitting on a supply overhang of luxury and market-rate rentals with slower lease-ups and dropping rents after years of heavy completions. Developers who can navigate the complexity of tax credits and government financing have a built-in market.

The numbers tell the story. The average asking home price in South Florida was $500,000 last month. Median income in Miami-Dade is $87,200, Broward is $96,200, and Palm Beach County is $111,800. The gap between what people earn and what housing costs is why projects like Villa Jordana don't sit empty. As Broward County continues to invest in affordable housing, developers with LIHTC expertise have a competitive advantage.

What does this mean for buyers and homeowners near the area?

For homeowners near downtown Hollywood, this project adds to a growing pipeline of transit-oriented development along the Dixie Highway corridor. The site at 826 South Dixie Highway is near the Brightline station and Tri-Rail, part of a larger revitalization effort that includes utility upgrades, sidewalk enhancements, and bicycle infrastructure.

Affordable housing projects built to modern standards tend to improve the streetscape and support surrounding retail without displacing market-rate values. The broader affordable housing push in Hollywood signals that the city is attracting developer attention across multiple price tiers, from luxury waterfront condos to workforce and senior housing. That diversified investment base is healthy for long-term property values.

South Florida's affordability gap is a structural issue. Projects like Villa Jordana address one segment of the problem, but the overall shortage of attainable housing continues to drive demand across every price point in the region.

Frequently Asked Questions about Villa Jordana

Who can live at Villa Jordana?

Units are restricted to renters 62 years of age or older, earning between 33% and 60% of the area median income. In Broward County, the median income is $96,200, so eligible residents would earn a fraction of that amount.

How much is the rent at Villa Jordana?

Monthly rents range from $713 to $1,555, well below Hollywood's average monthly rent of $2,179. Lower rents are made possible by low-income housing tax credits and government financing.

When will Villa Jordana be completed?

Completion is expected next year. The project is currently under construction at 826 South Dixie Highway in Hollywood, near the Brightline station and Tri-Rail.

Who is Alonzo Mourning, and why is he building affordable housing?

Alonzo Mourning is a retired Miami Heat star and NBA Hall of Famer. He founded AM Affordable Housing in 2017 to focus on low-income senior and family housing. The nonprofit secures tax credits and community reinvestment funding, then partners with developers for construction. Mourning has initiated over 10 affordable housing communities.

What other projects has Housing Trust Group built in Hollywood?

Housing Trust Group completed the 96-unit Hudson Village in 2022 and the 216-unit University Station in 2025. The firm recently won approval for the 110-unit Hillcrest Village on Pembroke Road. Nationwide, Housing Trust Group operates 53 communities with 10 under construction.

Local help for buyers and investors in Hollywood

If you are buying, selling, or investing in Hollywood, Hallandale Beach, or Dania Beach, understanding how affordable housing fits into the broader market matters. Reach out to The Mastropieri Group, Realtors®.

For practical, hands-on support across Broward County, call (954) 833-1468.