HTG QUESTIONS FOR NEW DEVELOPMENTS PRESS RELEASES
What is the exact name and address of the property? Heron Estates Family. 2003 West 17th Court, Riviera Beach, FL 33404
WhDescribe the property (# of units, square feet, type, etc.)
Heron Estates Family is a 2-story 79-unit townhouse new construction development on 8.86 acres of land.
Heron Estates Family is the final phase of a two-phase development plan, located contiguously to Heron Estates Senior, the 101-unit garden-style development for seniors that opened in September 2019 and was fully leased and occupied as of November 2019.
The unit mix will consist of 19 1/1s at 712 s.f., 40 2/2s at 994 s.f., and 20 3/2s at 1,354 s.f.
Describe the property amenities (clubhouse, pool, etc.)
The amenities will include a Clubhouse with a fitness center, clubroom, computer/business center and leasing offices, a playground, a pool, dog park, multipurpose sports court, and outdoor grill and lounge seating area.
What is the affordability breakdown (i.e. 30 % AMI, market rate, etc.)
Heron Estates Family has 36 units being set-aside at 70% AMI, 31 units being set-aside at 60% AMI, and 12 units being set-aside at 30% AMI.
What is the exact name and address of the property? Heron Estates Family. 2003 WeWhat is the all-in price of the property? (I.e. value of land, construction, etc.)
$21.4 million
Please describe the funding sources – i.e. tax credits used, who bought the tax credits, as well as additional loans taken, and sources of soft financing. Total of financing.
Construction Loan of $11 Million from Chase Bank
Florida Housing SAIL loan of $6.1 Million
Palm Beach County HOME loan of $500,000
National Housing Trust Funds of $1,435,800
City Real Estate Advisors Tax Credit Equity $6,972,571
If this was a public-private partnership, please indicate the partner that should receive credit.
Riviera Beach Housing Authority
When is construction slated to begin/complete?
Begin October 2020 end October 2021
When is leasing slated to begin?
August 2021
What is the range of monthly rent?
$264 to $1,598
Who is the contractor, architect, engineer, landscaper (i.e. full design/construction team)?
Contractor is Newport Property Construction, LLC
Architect is Luntz Group
Engineer is Wantman Group, Inc.
What else is notable that ought to be highlighted?
Housing Authority property located at 2003 W 17th Court in the City of Riviera Beach.