Astoria on 9th Marks HTG’s First Affordable Community Catering to Seniors in Bradenton
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, and AM Affordable Housing, a non-profit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, have closed on financing and begun construction on Astoria on 9th, a new $37.4 million, 120-unit affordable housing community catering to seniors aged 62 and up in the city of Bradenton.
Located approximately one mile from downtown Bradenton, Astoria on 9th will be reserved for income-qualifying residents who earn at or below 22, 30 and 60 percent of area median income (AMI), with rents ranging from $356 to $1,165 per month. The property is scheduled to open in Fall 2024 with leasing slated to begin in Summer 2024.
Astoria on 9th marks HTG’s first senior affordable community in Bradenton and its fourth affordable housing community in the city overall. HTG also developed The Addison, Oaks at Lakeside, and Riverview6, which is currently under construction as well.
“Seniors in particular have felt the brunt of our current affordable housing crisis, so we are pleased to be developing our first affordable community exclusively serving Bradenton’s senior residents,” said Matthew A. Rieger, President and CEO of HTG. “Astoria on 9th creates safe and beautiful housing that provides residents access to a plethora of recreational and lifestyle amenities that will enhance the value of life for residents.”
Key individuals instrumental in Astoria on 9th’s development include Commissioner George Kruse of Manatee County, and Katerina Gerakios-Siren, Bradenton CRA Executive Director, as well as CRA Board members and City Commissioners. Their knowledge and understanding of financing for affordable housing and their unanimous support of the development were imperative to its viability.
Funding sources for Astoria on 9th include a $19 million construction loan provided by Fifth Third Bank; $17.18 million in 4% Low-Income Housing Tax Credit equity syndicated through Raymond James; a $4.75 million State Apartment Incentive Loan (SAIL), a $713,400 National Housing Trust Fund (NHTF) loan and a $600,000 Extremely Low Income (ELI) loan. Due to market volatility, Florida Housing Finance Corporation released the Construction Housing Inflation Response Program (CHIRP), and the property was allocated an additional $4.3 million of SAIL.
Additionally, the property received a $7.64 million Freddie Mac loan through Capital One; $1.2 million in funding from Manatee County, as well as a $600,000 loan from the Bradenton CRA.
Located at 2116 9th St W, Astoria on 9th will be a five-story, mid-rise community offering a mix of one-and two-bedroom units. Amenities will include a clubhouse, cyber café with a catering kitchen and bar, fitness center, surface parking and dog park. Resident programs include adult literacy training and assistance with daily activities, such as grocery shopping, laundry and housekeeping. Located less than ten minutes from downtown Bradenton, the community is situated close to numerous local eateries, supermarkets and churches.
The project team for Astoria on 9th includes general contractor Hennessy Construction Services; engineering firm Hamilton Engineering & Surveying, LLC; and architecture from FK Architecture, a Fugleberg Koch Company.
