Lincoln Avenue Capital (LAC) has secured some $136 million in financing for the construction of 301 Flats and The Savoy at 301, two adjacent affordable communities in Bradenton, Fla., totaling 570 units. Both properties cater to individuals earning up to 60 percent of the average median income; furthermore, The Savoy will be targeted at seniors of 62 years and older. The projects broke ground in January and are slated to come online in 2024.
According to Manatee County records, the financing package included:
- two loans totaling $88.5 million in tax-exempt bonds from the Housing Finance Authority, assigned to Citibank and set to mature in 2056
- $43.1 million in subordinate financing from Citibank
- a combined $4.5 million in county funds
In addition, U.S. Bank invested low-income housing tax credit equity in the two projects.
LAC Vice President & Project Partner Jordan Richter mentioned in prepared remarks how the collaborative effort that went into the financing helps the company’s commitment to combat the housing crisis. The firm’s CEO Jeremy Bronfman further emphasized the shortage of affordable residential options in the North Port-Sarasota-Bradenton area.
Two much-needed developments
The 301 Flats was designed to encompass 13 three-story buildings and incorporate amenities such as a fitness center, playground, swimming pool and sports court, as well as a picnic area with grills. The Savoy at 301 will be a four-story mid-rise structure to include a fitness center, community room, grilling area and crafts room. Both communities will have Energy Star-rated features and appliances.
Situated at 4505 12th St. Court E., the developments are roughly 7 miles from the Sarasota-Bradenton International Airport, near numerous retail and dining options. Upon completion, the communities will be close to Highway 301 providing access to employers and other points of interest, such as the many golf courses throughout Manatee County.
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