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Construction of $34M affordable housing community underway in Bradenton

A Miami developer has financing in place and is building the 80-unit community at Manatee Avenue and Ninth Street.


  • By Louis Llovio
  • | 1:00 p.m. February 15, 2023
  • | 2 Free Articles Remaining!
Riverview6, an affordable housing community under construction in Bradenton.
Riverview6, an affordable housing community under construction in Bradenton.
Courtesy photo
  • Manatee-Sarasota
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Developers of an 80-unit affordable housing community in Bradenton have secured financing and started construction.

The $34 million, five-story apartment building is to be called Riverview6 and will take up a city block at the intersection of Manatee Avenue and Ninth Street West.

A spokesperson for the developer, Miami-based Housing Trust Group, says work has begun at the site and that fencing and banners are scheduled to go up Feb. 27. The project should be complete by the middle of next year.

HTG secured funding for the community through a $23 million construction loan from Fifth Third Bank; a $6.6 million permanent loan from 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.

Developers also received $22 million in 9% Low Income Housing Tax Credit equity through Raymond James.

Riverview6 will be reserved for people who earn at or below 30%, 60% and 70% of the area median income. Rents will range from $486 to $1,571 per month.

The complex will feature one-, two- and three-bedroom units ranging from 601 square feet to 1,085 square feet. Along with standard amenities, residents will have access to support services, including an employment assistance program and a financial management program.

HTG is a multifamily developer working in Florida, Texas, Illinois and Arizona. Its portfolio includes affordable housing, workforce housing and market-rate housing as well as mixed-use developments.

 

author

Louis Llovio

Louis Llovio is the commercial real estate editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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