Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has closed on financing of Riverview6, a new $34 million affordable family housing community located in Bradenton, FL.
Apartments at Riverview6 will be reserved for income-qualifying residents who earn at or below 30, 60 and 70 percent of the area median income (AMI), with rents ranging from $486 to $1,571 per month. The property is scheduled to deliver in mid – 2024.
Funding sources for Riverview6 include $22 million in 9% Low Income Housing Tax Credit equity syndicated through Raymond James. As well as a $23 million construction loan through Fifth Third Bank, a $6.6 million permanent loan through Grandbridge and Freddie Mac, a $1.4 million loan from Manatee County, a $1.3 million soft loan from Bradenton CRA, and an additional $460,000 loan from the City of Bradenton, as well as $3.7 of deferred developer fee equity.
“There’s no doubt that the need for affordable housing is incredible, and will only intensify in 2023 as inflation and other rising construction costs continue to impact plans for new affordable communities,” said Matthew A. Rieger, President and CEO of HTG. “We are particularly grateful to be building Riverview6 for families in need of affordable homes and for the significant financial support that we received from the City of Bradenton, the City CRA, and Manatee County. Without them, this project would not have been feasible.”
Located in the heart of Bradenton, Riverview6 will revitalize a full city block at the prime intersection of Manatee Avenue and 9th Street West. The five-story development will offer a mix of one-, two-, and three-bedroom units ranging from 601 square feet to 1,085 square feet. Amenities will include a community clubhouse with catering kitchenette and dining areas, lounging and gaming areas, and a fitness center.
Riverview6 will provide its residents with an array of support services such as an employment assistance program and a financial management program.
The project team for Riverview6 includes general contractor Hennessy Construction; civil engineering and landscape firm Thomas Engineering; architect Flux Architects; and interior designer Builders Design.
Orchid Lake will deliver 90 affordable apartments with monthly rents starting at $228
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, and Housing for Homeless, Inc., a nonprofit that provides the homeless of Brevard County with support services and safe housing solutions, have closed on financing on Orchid Lake, a new $30 million affordable housing community located in Cocoa, Florida.
Apartments at Orchid Lake will be reserved for income-qualifying residents who earn at or below 22, 33 and 60 percent of the area median income (AMI), with rents ranging from $228 to $1,107 per month. The property is scheduled to deliver in early 2024.
Funding sources for Orchid Lake include $15.7 million in 9% Low Income Housing Tax Credit equity syndicated through Raymond James. As well as a $9 million loan through the State Apartment Incentive Loan program (SAIL), a $380,000 loan from Florida Housing ELI, and an additional $556,500 loan from the National Housing Trust Fund through the Florida Housing Finance Corporation and a $2.6 million loan through Raymond James Bank.
“The need for affordable housing in Florida is at an all-time high, and parts of the Space Coast are feeling that need the most,” said Matthew A. Rieger, President and CEO of HTG. “At a critical time when plans for many affordable communities are getting canceled due to inflation and other rising construction costs, we are particularly grateful to be building Orchid Lake with the help of our committed partner, Housing for Homeless. We look forward to continuing to help address the demand and building a quality, safe affordable housing community for the residents of Brevard County.”
Located at the southwest corner of University Lane and Michigan Avenue, Orchid Lake will be a three-story community offering a mix of one-, two-, and three-bedroom units ranging from 802 square feet to 1,137 square feet. Amenities will include a clubhouse and fitness center, community splash pad and playground, outdoor BBQ area, and media room for residents. In-unit amenities include Energy Star®-rated appliances, modern fixtures and vinyl plank flooring.
Orchid Lake will also provide its residents with an array of support services that include adult literacy training, an employment assistance program, and financial management program.
The project team for Orchid Lake includes general contractor Hennessy Construction; engineer DRMP; architect FK Architecture; landscape architect Manley Design; and interior designer Builders Design.
Housing Trust Group (HTG), an award-winning multifamily developer and one of the nation's top affordable housing developers, is pleased to announce the appointment of Mario Robaina II as Chief Financial Officer. Mario was promoted from Vice President of Finance to the new role. As CFO, he will be responsible for accounting, budgeting and forecasting, strategic planning, cash management, and asset management for the entire HTG enterprise. He reports to President and CEO Matthew A. Rieger.
HTG is a multifamily residential community developer with over 6,000 affordable and market-rate units throughout Florida, Texas, and Arizona, as well as more than 2,000 new apartments in the pipeline.
“Mario is an integral member of our team whose leadership skills, successful track record in finance and dedication to the mission of HTG has earned him the position of Chief Financial Officer,” said Matthew A. Rieger.
Mario joined HTG in 2015 as VP of Finance, where he oversaw structuring, modeling, underwriting, negotiating, and closing a range of multifamily 9 percent and 4 percent LIHTC developments. Prior to joining HTG, he held various roles at Cornerstone Group and Flagler, and had closed over $1 billion in new construction, redevelopment, and refinancing real estate transactions including condominium, market-rate rental, LIHTC rental, commercial, office, and industrial developments.
Mario received his Bachelor of Science in Industrial Engineering from Stanford University and holds an MBA from the University of Miami focusing on Finance and Management.
Crescent Place will deliver 40 affordable apartments to Chicago’s Arlington Heights
CHICAGO (July 15, 2022) – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has closed on financing and broken ground on Crescent Place, a new $18.2 million affordable housing community in Arlington Heights, Illinois – roughly 25 minutes north of Downtown Chicago. Apartments at Crescent Place will be reserved for income-qualifying residents who earn at or below 30 and 60 percent of area median income (AMI), with rents ranging from $524 to $1,258 per month. Eight of the 40 units at Crescent Place are reserved using Section 811 rental assistance for persons with disabilities to live independently in the community. The property is scheduled to deliver in the spring of 2023.
Crescent Place is a joint venture between HTG and non-profit developer Turnstone Development Corporation, whose focus is to facilitate the creation and preservation of affordable housing in Illinois and Florida.
“We are delighted to enter the state of Illinois with the development of Crescent Place, which will provide 40 high-quality, affordable apartments for small families and young professionals who want to live close to where they work,” said Matthew A. Rieger, President and CEO of HTG. “We are deeply grateful to the Illinois Housing Development Authority and Cook County for their support, to our development partner Turnstone, and to the many neighborhood advocates who championed this project on behalf of those who are suffering the most from the ongoing affordable housing crisis. We look forward to bringing HTG’s signature high-quality affordable housing to a community that needs it.”
Located on a 2.3-acre lot at 310 W Rand Road, the four-story community will offer a mix of one-, and two--bedroom units ranging from 646 square feet to 880 square feet. Amenities will include a community room, library, computer cafe, fitness room, tenant storage compartments, bicycle storage, and 80 outdoor parking spaces (8 of which are designed to meet ADA parking standards). Other features include a resident garden, an outdoor patio, and a walkway tying into the existing public sidewalk system.
Funding sources for Crescent Place include a $10.9 million construction loan and $1.6 million permanent loan from BMO Harris Bank; $12.1 million in 9% Low Income Housing Tax Credit Equity from National Equity Fund (NEF); $4 million from the COVID-19 Affordable Housing Grant Program provided by the Illinois Housing Development Authority; and a $110,214 ComEd grant for building to energy efficient standards.
The project team for Crescent Place includes general contractor Henry Bros Co., civil engineering Groundwork, landscape architect Krogstad Land Design, architect UrbanWorks Architecture, energy efficiency consultant Eco Achievers and property manager UpHoldings.
About Housing Trust Group
Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities whose real estate transactions exceed $3 billion in commercial, land and residential developments across Florida, Texas, Illinois and Arizona. HTG develops, builds and manages a diverse portfolio of affordable housing, workforce housing, market-rate housing, and mixed-use developments. For more information, please visit www.htgf.com.
Housing Trust Group (HTG), an award-winning multifamily developer and one of the nation’s largest developers of affordable housing, announces the opening of Lafayette Gardens, a $21 million affordable housing community in Tallahassee, Florida. Lafayette Gardens delivers 96 one-, two- and three-bedroom apartments with rents ranging from $415 to $1,093 per month available for income-qualifying individuals who make at or below 33 percent of area median income (AMI) or 60 percent of AMI. The property is 100 percent occupied.
HTG’s first development in Florida’s capital in several years, Lafayette Gardens is located at 1211 East Lafayette Street on a 5.76-acre site in the Woodland Drives neighborhood, approximately 1.5 miles from downtown. The site is in close proximity to many local businesses and stores, schools, parks and more, making it perfectly situated for families who work in the area to have the opportunity to cut their commutes.
“As rent and cost of living continues to skyrocket, so many working Americans are being priced out of the places they call home. Those people are the backbone of our local economies, and our goal has always been to create homes to keep them in the community,” said HTG President and CEO Matthew A. Rieger. “Lafayette Gardens has given Tallahassee’s working class a place they can call home, and we are proud to continue to make housing affordable for local families who need it.”
Lafayette Gardens is a garden-style community made up of four three-story buildings with apartments ranging from 709 square feet (one bedroom) to 1,159 square feet (three bedroom). Community amenities include a clubhouse, pool, playground, media center, a state-of-the-art fitness center, a bike/walk trail, and dog park. Residents will also have access to employment assistance, financial management, and literacy services on-site. The property is conveniently located just off Apalachee Parkway, close to popular performance venue The Moon, DeSoto Site Historic State Park and Cascades Park.
Funding sources for Lafayette Gardens include an initial $15 million construction loan by Chase Bank, $16.1 million in 9 percent Low Income Housing Tax Credit Equity (LIHTC) provided by Raymond James and a $4.8 million permanent loan through Freddie Mac/Walker & Dunlop.
The project team for Lafayette Gardens includes general contractor Hennessy Construction Services; architect Fugleberg-Koch; engineering firm Inovia Group; interior designer Stiles Interiors; and landscape architect Wood + Partners. Both Inovia and Wood + Partners are Tallahassee-based firms.
Housing Trust Group (HTG), an award-winning multifamily developer and one of the nation’s leading developers of affordable housing, announces that it delivered 670 affordable housing units in 2021 – a year that will most likely go down in history for recording the biggest jump in apartment rent prices ever.
National median rental prices increased 17.8 percent since the beginning of the year, but many regions saw rents climb even higher – like South Florida, where rents jumped an alarming 36 percent year over year.
By contrast, affordable housing communities like those that HTG develops and manages charge rents that are often a quarter or half of market rate rental communities, for residents that income-qualify (usually earning somewhere between 30 percent to 80 percent of Area Median Income (AMI).
Needless to say, these apartments fill up quickly; all of the communities HTG opened in 2021 – Oaks at Lakeside (Bradenton), Twin Lakes Estates II (Lakeland), Max’s Landing (Miami), Village View (Fort Lauderdale), Valencia Grove II (Eustis) and Lafayette Gardens (Tallahassee), and Father Marquess Barry Apartments (Miami) – were fully occupied upon opening and each with long waiting lists.
“While we are proud to have made a positive impact in the communities in which we delivered much-needed affordable housing this year, we are humbled by the sheer level of need across the country,” said Matthew A. Rieger, President and CEO of HTG. “Over the last two years, the affordable housing crisis in the United States has gone from bad to worse and we’re now facing a shortage of more than 7 million affordable apartments. Our sincere hope is that our leaders in Washington D.C. will utilize the opportunity to act with the Build Back Better bill and allocate significantly more resources to the financing and building of new affordable housing.”
In 2021, HTG also broke ground on three new affordable housing developments in Florida – Bryce Landing (Jacksonville), Shoreline Villas (Fort Walton Beach) and Park Ridge (Mulberry), closed on the purchase of two parcels of land in Texas that will be developed in 2022, and received approval for tax credits for a new development in Illinois, in addition to continuing construction on five other developments financed in 2020. HTG also submitted applications for low income housing tax credits (LIHTC) – the primary tool for subsidizing the cost of new affordable development – in five different states: Florida, Texas, Georgia, Illinois, Colorado and Arizona, winning numerous awards.
For more information on HTG, visit www.htgf.com.
