Housing Trust Group and AM Affordable Housing have broken ground on Astoria on the 9th, a 120-unit affordable senior housing community in Bradenton, Fla. The development team also includes FK Architecture as the project’s main architect and Hennessy Construction Services as general contractor; Hamilton Engineering & Surveying LLC will provide engineering services.
Set to open in the fall of 2024, the age-restricted property will cater to residents over the age of 62 earning at or below 22, 30 and 60 percent of the area median income.
The five-story building will incorporate one- and two-bedroom apartments. Common-area amenities at Astoria on the 9th will include a fitness center, clubhouse, dog park and cyber café, among others. The community staff will aid its residents with daily tasks and activities such as housekeeping, laundry and grocery shopping.
Located just east of Route 41, the 2-acre development site is at 2116 Ninth St. W., in an Opportunity Zone. The community will rise in an area with an abundance of retail centers, dining options and entertainment venues.
HTG and AM Affordable Housing have teamed up several times for the development of new properties. Recently, the joint venture broke ground on a 107-unit affordable community designated for seniors and veterans in Crestview, Fla.
Project financing
The financing for the $37.4 million project includes:
- $19 million in construction financing from Fifth Third Bank
- $17.2 million in 4 percent Low-Income Housing Tax Credit equity syndicated through Raymond James
- a $4.8 million State Apartment Incentive Loan (SAIL)
- a $7.6 million Freddie Mac loan through Capital One
- $1.2 million in funding from Manatee County
- a $600,000 loan from the Bradenton CRA
- a $713,400 National Housing Trust Fund loan
- a $600,000 Extremely Low-Income loan
The project received an additional $4.3 million SAIL, due to the release of the Construction Housing Inflation Response Program by the Florida Housing Finance Corp. Other important members involved in the development of Astoria on the 9th were Commissioner George Kruse of Manatee County and Bradenton CRA Executive Director Katerina Gerakios-Siren, as well as other CRA Board members and City commissioners.
