$37M affordable senior housing project complete in Bradenton

A Miami-based developer recently completed a $37.4 million affordable housing project for seniors in Bradenton and is now accepting applications from potential tenants. Astoria on 9th was developed by Housing Trust Group in partnership with AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning.

Astoria on 9th is the fourth affordable housing community developed by Housing Trust Group in Bradenton; others are Riverview6, the Oaks at Lakeside and The Addison.

Located at 2244 Ninth St. W., Astoria on 9th consists of a five-story building featuring one- and two-bedroom apartments from 635 to just over 900 square feet. There are 120 units. Among the amenities are a clubhouse, a cyber cafe with catering kitchen and bar, a fitness center, and a dog park. Programs for residents include adult literacy training and assistance with daily activities like grocery shopping, laundry and housekeeping, according to a statement.

To live at Astoria on 9th, people must be at least 62 years old and earn at or below 22%, 30% or 60% of the area median income. Rent for one and two-bedroom apartments ranges from $322 to $1,316 a month, according to the statement.

“With one of the highest concentrations of elderly residents in the nation, we’re proud to deliver high-quality and readily available housing like Astoria on 9th that meets the housing and lifestyle needs seniors deserve,” Housing Trust Group President and CEO Matthew Rieger says in a statement.

Funding for Astoria on 9th came from a variety of sources, including the following, according to a statement: a $19 million construction loan from Fifth Third Bank; $17.18 million in 4% Low-Income Housing Tax Credit equity syndicated through Raymond James; a $4.75 million State Apartment Incentive Loan (SAIL); a $713,400 National Housing Trust Fund loan; and a $600,000 Extremely Low Income loan. Florida Housing Finance Corporation also released funding through the Construction Housing Inflation Response Program, and the property was allocated an additional $4.3 million of SAIL. It also received a $7.64 million Freddie Mac loan from Capital One, $1.2 million in funding from Manatee County and a $600,000 loan from the Bradenton Community Redevelopment Agency.

Among those on the Astoria on 9th project team are general contractor Hennessy Construction, FK Architecture, Hamilton Engineering & Surveying and interior design firm 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 the statement, which says its portfolio includes affordable housing, workforce housing, market-rate housing and mixed-use developments that it creates and manages.