MIAMI—Allapattah Trace Apartment, a 77-unit multifamily complex northwest of Downtown Miami, just secured a $42 million loan. SunTrust Community Capital provided the financing to Richman Group.

Allapattah is a historic neighborhood. The complex will offer affordable housing options in the area. SunTrust made a $23.68 million Low-Income Housing Tax Credit equity investment in the development, and SunTrust Banks provided construction loans totaling $18.37 million.

"There is a huge appetite for financial institutions to deploy capital in this space," Paul Woodworth, president of SunTrust Community Capital, tells GlobeSt.com. "A limited supply of affordable housing projects, coupled with a history of funds allocated for these types of deals performing very well, are key factors in the growing demand for this product. Both investors and tenants are also attracted to these developments due to the high quality of housing delivered at rents substantially below the market."