THE REAL DEAL: FINANCING SECURED FOR AFFORDABLE SENIOR HOUSING PROJECT IN RIVIERA BEACH
Financing Secured for Affordable Senior Housing Project in Riviera Beach
Housing Trust Group expects to complete its $24M development of 101-unit Heron Estates next year
Coconut Grove-based Housing Trust Group (HTG) completed the financing for a 101-unit affordable housing development in Riviera Beach for senior citizens.
Construction of the $24 million development, called Heron Estates, already is underway and is expected to conclude next year.
Heron Estates will have one- and two-bedroom apartments for tenants 55 and older who earn 60 percent of area median income or less.
Monthly rents will range from $344 to $859 at Heron Estates, which HTG is building in partnership with the Riviera Beach Housing Authority.
Amenities at the three-story, garden-style apartment property will include a gym, swimming pool, community room and WiFi-enable computer center.
Among the on-site services for residents will be computer training and assistance with laundry work, grocery shopping and light housekeeping.
Financing for the development of Heron Estates includes $12 million of proceeds from tax-exempt bonds issued by the Palm Beach County Housing Finance Authority and $10 million of housing credit equity from City Real Estate Advisors.
The development team includes general contractor Gulf Building LLC, David Lawrence Architecture and engineering firm Wantman Group, Inc.
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Read the story on The Real Deal’s website here: https://therealdeal.com/miami/2018/05/06/financing-secured-for-affordable-senior-housing-project-in-riviera-beach/