Heron Estates Family will deliver 79 townhomes with monthly rents starting at $264 

Riviera Beach, Fla. (November 4, 2020) – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has closed on financing and broken ground on Heron Estates Family, a new $21.4 million affordable townhome community in Riviera Beach, Florida. Units at Heron Estates Family will be set aside for income-qualifying residents who earn at or below 30, 60 and 70 percent of area media income (AMI), with rents ranging from $264 to $1,598 per month. The property is scheduled to deliver in October of 2021.

The development is a public-private partnership between HTG and the Riviera Beach Housing Authority, and is the second phase of a two-phase redevelopment that includes Heron Estates Senior, a 101-unit garden-style apartment community for seniors that HTG completed in 2019. 

“We applaud the City of Riviera Beach for investing in high-quality affordable housing for both families and seniors,” said Matthew A. Rieger, President and CEO of HTG. “We know Palm Beach County’s population will continue to grow, with people from all over the country moving to the area for the business-friendly climate and warm weather. It’s important, however, that members of our community earning less than area median – many of them deemed ‘essential workers’ throughout this pandemic – are not displaced or deprived of a safe and affordable place to call home.” 

Financing for Heron Estates Family include an $11 million mortgage bond from the Florida Housing Finance Corp. (FHFC) that will be purchased by JPMorgan Chase Bank; a $6.1 million loan from FHFC’s SAIL program; a $1.44 million loan from the National Housing Trust Fund; and a $500,000 HOME loan from Palm Beach County. 

Located at 2003 West 17th Court, the two-story townhome community will offer a mix of one-, two- and three-bedroom units ranging from 712 square feet to 1,354 square feet. Community amenities will include a clubhouse with club room, state-of-the-art fitness center, media center, and business center/leasing office; a playground, pool, dog park, multipurpose sports court, and outdoor grill/lounge seating areas. Residents will also have access to employment assistance, financial management, and literacy services on-site.

The project team for Heron Estates Family includes general contractor Newport Construction LLC, architect Luntz Group, and engineering firm Wantman Group Inc.

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, Georgia, Texas 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.

A majority stakeholder in student housing and commercial real estate development in Gainesville, FL – Trimark Properties recently secured $ 22 Million in Refinancing for three luxury apartment complexes near University of Florida.

Trimark Properties – a multi-family real estate management and commercial real estate development company recently announced the procurement of a $22 Million Refinancing for three of their prime luxury student housing apartment complexes in Gainesville, FL. Paul Ahmed of Walker & Dunlop facilitated the refinance through JP Morgan.

Located within steps from the University of Florida Campus, refinanced apartment complexes include

·         Savion Park Luxury Apartments - A New York inspired apartment into the heart of Gainesville. Easy access to University of Florida campus and Innovation Square.

·         Tuscana Luxury Apartments – Luxury speaks volumes at Tuscana. A formal lawn, internal courtyard, and water fountains are just a few of the amenities enjoyed by the residents.

·         Solaria Luxury Apartments – A luxurious masterpiece with California mission-style architecture with Spanish influences.

Tuscana and Solaria were recently in the news for winning two Gainesville City Beautification Awards in the apartments category. Chosen for their unique, innovative design and sustainability features.

From the lender’s perspective, Trimark poses a low-risk investment because of their vast portfolio of properties, coupled with decades of experience offering quality service to University of Florida students and the local residents of Gainesville. The three properties in the deal – Savion Park, Tuscana, and Solaria luxury apartments consist of 114 units in total and a combined area of 157,000 square feet. These properties are leased to capacity every year and often have a waitlist of tenants for the next academic year.

“Trimark Properties has done an outstanding job of revitalizing the apartment market near the University of Florida by designing a dynamic community of luxury student housing,” Ahmed said. “The property benefits from a highly-visible location where tenants are excited to live. With the consistent addition of modern, quality features, the properties will continue to see success making them a prime investment opportunity for lenders.”

Trimark Properties is an award-winning real estate development and property management company specializing in student housing and commercial real estate in Gainesville, FL. The commercial real estate division of Trimark has also provided assistance to startups and tech companies by offering custom-built retail, research, lab and office space for lease in Gainesville.