Riverview6 will deliver 80 affordable apartments with monthly rents starting at $486
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has closed on financing of Riverview6, a new $34 million affordable family housing community located in Bradenton, FL.
Apartments at Riverview6 will be reserved for income-qualifying residents who earn at or below 30, 60 and 70 percent of the area median income (AMI), with rents ranging from $486 to $1,571 per month. The property is scheduled to deliver in mid – 2024.
Funding sources for Riverview6 include $22 million in 9% Low Income Housing Tax Credit equity syndicated through Raymond James. As well as a $23 million construction loan through Fifth Third Bank, a $6.6 million permanent loan through Grandbridge and Freddie Mac, a $1.4 million loan from Manatee County, a $1.3 million soft loan from Bradenton CRA, and an additional $460,000 loan from the City of Bradenton, as well as $3.7 of deferred developer fee equity.
“There’s no doubt that the need for affordable housing is incredible, and will only intensify in 2023 as inflation and other rising construction costs continue to impact plans for new affordable communities,” said Matthew A. Rieger, President and CEO of HTG. “We are particularly grateful to be building Riverview6 for families in need of affordable homes and for the significant financial support that we received from the City of Bradenton, the City CRA, and Manatee County. Without them, this project would not have been feasible.”
Located in the heart of Bradenton, Riverview6 will revitalize a full city block at the prime intersection of Manatee Avenue and 9th Street West. The five-story development will offer a mix of one-, two-, and three-bedroom units ranging from 601 square feet to 1,085 square feet. Amenities will include a community clubhouse with catering kitchenette and dining areas, lounging and gaming areas, and a fitness center.
Riverview6 will provide its residents with an array of support services such as an employment assistance program and a financial management program.
The project team for Riverview6 includes general contractor Hennessy Construction; civil engineering and landscape firm Thomas Engineering; architect Flux Architects; and interior designer Builders Design.
Original Source: Developer Secures Financing For Affordable Housing Project In Bradenton, Manatee County – Florida YIMBY