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

TRD MIAMI /
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


Related Articles

arrow_forward_ios
Housing Trust Group CEO and President Matt Rieger and renderings of the project (City of Hollywood)

Hollywood approves multifamily affordable housing project

Hollywood approves multifamily affordable housing project
Michael S. Sheitelman and Josh Bank

Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more

Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Rendering of Belmont Village Coral Gables and Baptist Health South Florida CEO Brian L. Keeley

Baptist, Belmont gain approval for luxury senior living in Coral Gables

Baptist, Belmont gain approval for luxury senior living in Coral Gables
Vanessa Grout with Vladislav Doronin

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
9885 Palomino Drive (Credit: Google Maps)

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...