Housing Trust Group (HTG), one of the nation’s most prolific developers of affordable housing, announces the completion of Heron Estates Senior, a new 101-unit, $24 million affordable housing community for seniors in the City of Riviera Beach in northern Palm Beach County, Florida.
A partnership between Housing Trust Group and the Riviera Beach Housing Authority, the new community located at 2003 West 17th Court offers one- and two-bedroom apartments to senior renter households (62 and older) earning at or below 60 percent of area median income. Rents range from $344 to $859 per month and the property is presently 99 percent leased.
Matthew A. Rieger, President and CEO of HTG, commented, “The City of Riviera Beach has struggled for too long from a shortage of high-quality, affordable housing. We’re excited to start a new chapter in the city’s rich history by creating a safe, attractive and affordable place for active seniors to thrive.”
Heron Estates Senior is a three-story, garden-style community completed with an array of amenities including a swimming pool and jacuzzi spa, multipurpose community room, state-of-the-art fitness center and WiFi enabled computer center. Residents will have access to a free on-site computer training, daily activities and assistance with light housekeeping, and laundry.
HTG is an award-winning, full-service developer of multifamily residential communities with over 7,000 affordable and market-rate units throughout Florida, Georgia, Texas and Arizona, and more than 2,000 new apartments in the pipeline. HTG’s award-winning properties include Covenant Villas in Belle Glade, Village Place in Fort Lauderdale, and Courtside Apartments in historic Overtown neighborhood of Downtown Miami.
Heron Estates Senior was financed with 4 percent Non-Competitive Housing Credits and a $5.7 million SAIL and ELI loan from Florida Housing Finance Corporation; $12 million of multifamily housing tax exempt bonds from the Palm Beach County Housing Finance Authority, which were purchased by JP Morgan Chase to help finance the costs of land acquisition and construction; $10 million of housing credit equity from City Real Estate Advisors (CREA); a $115,000 SHIP loan from the Palm Beach County Department of Economic Sustainability; and a $1 million loan for construction and permanent financing from the Riviera Beach Housing Authority. The development team included David Lawrence Architecture as architect, Wantman Group, Inc. as engineer, and Gulf Building, LLC as general contractor.