Housing Trust Group (HTG), a leading multifamily developer, announced the completion of Riverview6, an 80-unit affordable housing community located in the community of Bradenton, just south of Tampa.
HTG is now leasing two brand-new affordable housing communities in Bradenton: Riverview6 for families, and Astoria on 9th for seniors aged 55 and older. Both properties offer high-quality apartments at below-market rents, thoughtfully designed to meet the needs of local residents. Interested families and seniors are encouraged to apply today.
Apartments at Riverview6 are reserved for income-qualifying residents making at or below 30, 60, and 70 percent of the area median income (AMI). The pet-friendly community offers one-, two-, and three-bedroom units ranging from 621 to 1,085 square feet, with monthly rents from $605 to $1,959. Located at 801 6th Avenue W in Bradenton, Riverview6 also features a community clubhouse with a catering kitchenette and dining areas, lounging and gaming spaces, and a fitness center.
Riverview6 will provide its residents with an array of support services such as an employment assistance program, adult literacy program and a financial management program.
“As housing costs continue to rise in Florida’s key metros and their surrounding communities, affordable housing developments like Riverview6 will only be in greater demand,” said Matthew A. Rieger, President and CEO of HTG. “We are thrilled to have completed another high-quality development near the Tampa Bay area while expanding our footprint throughout the state, and look forward to continuing this positive momentum.”
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 million of deferred developer fee equity.
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.
