$34M affordable housing community leasing in Bradenton

A Miami-based developer recently completed a $34 million affordable housing project in Bradenton. Housing Trust Group is now leasing apartments at Riverview6, which includes 80 residences at 801 6th Ave. W.

The complex features one-, two- and three-bedroom apartments ranging from 621 to 1,085 square feet. Units are reserved for income-qualifying residents who earn at or below 30%, 60% and 70% of the area median income. Rent runs from $605 to $1,959 a month.

In addition to apartments, Riverview6 contains a community clubhouse with a catering kitchenette and dining areas, lounging and gaming spaces as well as a fitness center. The community will provide residents with support services like adult literacy, financial management and employment assistance programs.

Riverview6 is the fourth community in Bradenton for Housing Trust Group, which also developed The Addison, Oaks at Lakeside and Astoria on 9th, the latter of which is an affordable housing development for seniors. Riverview6 marks the company’s 49th community overall in Florida.

“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,” President and CEO of Housing Trust Group Matthew Rieger says in a statement. “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 for Riverview6 came from multiple sources:

• $22 million in 9% Low Income Housing Tax Credit equity syndicated through Raymond James
• $23 million construction loan through Fifth Third Bank
• $6.6 million permanent loan through Grandbridge and Freddie Mac
• $1.4 million loan from Manatee County
• $1.3 million soft loan from Bradenton CRA
• $460,000 loan from the city of Bradenton
• $3.7 million of deferred developer fee equity

Riverview6 was brought to fruition by a project team including general contractor Hennessy Construction, civil engineering and landscape firm Thomas Engineering, architect Flux Architects and interior designer Builders Design. 

Housing Trust Group develops multifamily residential communities across Florida, Texas, Illinois and Arizona. Its real estate transactions exceed $4 billion in commercial, land and residential developments, according to a statement, which says its portfolio includes affordable housing, workforce housing, market-rate housing and mixed-use developments that it creates and manages.