Developer Duo Debuts 120-Unit Bradenton Affordable Housing Community
Housing Trust Group and AM Affordable Housing opened the Astoria on 9th, a new $37.4 million affordable senior housing community in Bradenton, Florida.
Astoria on 9th is a five-story, 120-unit affordable senior housing community in Bradenton for residents 55 and older.
Astoria on 9th offers a mix of one- and two-bedroom units ranging from 635 to 907 square feet for income-qualifying residents earning at or below 22% and up to 60% of the area median income (AMI). Rents range from $322 to $1,316 per month.
Located at 2244 9th Street West, Astoria on 9th features a clubroom, cyber café with catering kitchen and bar and fitness center.
On the 9th, funding sources for Astoria included a $19 million construction loan provided by Fifth Third Bank and $17.18 million in 4% Low-Income Housing Tax Credit equity syndicated through Raymond James. Additionally, the property received a $7.64 million Freddie Mac loan through Capital One and a handful of government agencies.
Hennessy Construction Services Corp. was the general contractor.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout