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

May.May 06, 2018 02:35 PM

Heron Estates rendering (Credit: South Florida Business Journal)

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 under way 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. – Mike Seemuth

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