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Affiliated Development secures $74 million loan for Fort Lauderdale apartments
The Cove will have 374 units, with just over half reserved for households earning up to 120% of area median income, in return for local tax rebates.
Affiliated Development has closed on a $74 million construction loan with Pacific Life Insurance Company for a mixed-use, mixed-income multifamily project called The Cove in Fort Lauderdale, on the northwest corner of Sunrise Boulevard and Federal Highway, ConnectCRE reported.
The Cove will include 374 units. Just over half of the apartments will be restricted to families earning 120% of the Area Median Income, with Fort Lauderdale and Broward County providing tax rebates in exchange for the rent restrictions.
ConnectCRE said the development is being built on the site of a former hotel property, where the Clarion Inn and The Link hotel were previously located before demolition.
Moss Construction is serving as general contractor, Rinka is the project’s architect, and project capitalization includes the $74 million loan from Pacific Life Insurance Company, equity from Affiliated Housing Impact Fund, LP, and family office capital partners.