BRADENTON, FL – Riverview6, a new 80-unit affordable housing community in Bradenton by developer Housing Trust Group, recently announced they had successfully secured the $34 million in financing needed to bring the project to life and have officially under construction.
The complex is slated to take up an entire city block at the intersection of Manatee Avenue and Ninth Street West and is expected to be completed by mid-2024. Work has begun in earnest at the site, according to the developer, with fencing and banners already installed, in addition to excavating the site itself and laying the foundation.
Miami-based Housing Trust Group acquired the funding needed for the project from a variety of different sources, with the largest sum coming from Fifth Third Bank, which granted the company a $23 million construction loan. In addition, the developer also received 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, with the city of Bradenton itself contributing an additional $460,000.
On top of all of that, Housing Trust Group was also granted $22 million in 9 percent low-income housing tax credit equity via Raymond James.
Riverview6 is aimed at providing portable housing individuals and families that earn at or below 30 percent, 60 percent, and 70 percent of the median income in the area.
Rents at Riverview6 are slated to range from $486 to $1,571 per month for apartments that range from one, two, and three-bedroom units that vary in size from 601 square feet to 1,085 square feet.
The apartment complex will come with the standard amenities that one would expect, in addition to specialized support services that are designed to assist the financially limited families and individuals who will be renting units there, including an employment and assistance program and a financial management program.
Florida Gulf Residential specializes in the areas of Sarasota, Siesta Key, Bradenton, Lakewood Ranch, Longboat Key, Venice, Palmer Ranch, Osprey, Anna Maria Island and other Gulf Coast communities. Feel free to give us a call at (941) 304-1975 so we can answer any questions you may have.
Christopher Boyle is an investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher helps keep a keen-eye on what’s happening on the West Coast of Florida on behalf of FLORIDA GULF RESIDENTIAL – Your Real Estate Expert for Sarasota and Surrounding Areas.