Housing Trust Group (HTG), one of the nation’s largest affordable housing developers, has closed on financing for Riverview6, a new 5-story $34 million affordable family housing community in Bradenton, Manatee County. Rental 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 complete in mid–2024.
Financing for the project has been a collaborative effort, with funding sources including $22 million in 9% Low-Income Housing Tax Credit equity syndicated through Raymond James, a $23 million construction loan through Fifth Third Bank, and a $6.6 million permanent loan through Grandbridge and Freddie Mac. In addition, local government agencies have also made significant contributions, with 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.
Riverview6 is located in the heart of Bradenton and will revitalize a full city block at the prime intersection of Manatee Avenue and 9th Street West. The 5-story development will offer a mix of one, two, and three-bedroom units ranging from 601 square feet to 1,085 square feet. Amenities include a community clubhouse with a catering kitchenette and dining areas, lounging and gaming areas, and a fitness center. The development will also provide support services such as an employee assistance program and a financial management program for its residents.
The project team for Riverview6 is comprised of experienced companies in various fields, including Hennessy Construction serving as the general contractor, Thomas Engineering, serving as the civil engineer and landscape architect, Flux Architects as the design architect, and Builders Design as the interior designer.
Riverview6 represents a significant step in addressing the need for affordable housing in Bradenton, Florida. The recent financing and support from local government agencies demonstrate the commitment to providing accessible and affordable homes.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
When are you accepting applications please?
When are you Accepting Applications
when are you accepting applications?
When are you Accepting Applications I really need to know ASAP