The Housing Trust Group, in partnership with the Riviera Beach Housing Authority, has completed the 101-unit Heron Estates Senior development for households earning no more than 60% of the area median income.
Nicholas Cuervo, Optica Media The Housing Trust Group, in partnership with the Riviera Beach Housing Authority, has completed the 101-unit Heron Estates Senior development for households earning no more than 60% of the area median income.

Low-income seniors have a new place to call home in Riviera Beach, Fla.

A partnership between Housing Trust Group (HTG) and the Riviera Beach Housing Authority, the new community features one- and two-bedroom apartments for residents 62 and older earning no more than 60% of the area median income. Rents range from $344 to $859 per month, and the property is presently 99% leased.

“The city of Riviera Beach has struggled for too long from a shortage of high-quality, affordable housing,” says Matthew A. Rieger, president and CEO of HTG. “We’re excited to start a new chapter in the city’s rich history by creating a safe, attractive, and affordable place for active seniors to thrive.”

The 101-unit Heron Estates Senior is a three-story, garden-style community completed with an array of amenities, including a swimming pool and spa, a multipurpose community room, a state-of-the-art fitness center, and a Wi-Fi-enabled computer center. Residents will have access to free on-site computer training, daily activities, and assistance with light housekeeping and laundry.

Heron Estates Senior is in Riviera Beach in Palm Beach County, Fla.
Nicholas Cuervo, Optica Media Heron Estates Senior is in Riviera Beach in Palm Beach County, Fla.

HTG is an award-winning, full-service developer of multifamily residential communities with over 7,000 affordable and market-rate units throughout Arizona, Florida, Georgia, and Texas, and more than 2,000 new apartments in the pipeline.

The approximately $24 million development was financed with 4% low-income housing tax credits (LIHTCs) and a $5.7 million loan from Florida Housing Finance Corp.; $12 million of multifamily housing tax-exempt bonds from the Palm Beach County Housing Finance Authority, which were purchased by JPMorgan Chase to help finance the costs of land acquisition and construction; $10 million of LIHTC equity from CREA; a $115,000 SHIP loan from the Palm Beach County Department of Economic Sustainability; and a $1 million loan for construction and permanent financing from the Riviera Beach Housing Authority. The development team included David Lawrence Architecture as architect, Wantman Group as engineer, and Gulf Building as general contractor.