The Real Deal Miami

Broward affordable housing project scores financing

Community will house 105 units ranging from studios to two-bedroom apartments
The affordable housing development site at 615 North Andrews in Fort Lauderdale

The affordable housing development site at 615 North Andrews in Fort Lauderdale

The developers of an affordable housing project in Fort Lauderdale just nabbed $28 million in construction financing.

Chicago-based Turnstone Development, a not-for-profit builder of U.S. affordable housing, closed on three mortgages this week through its affiliate Wisdom Creek Village LLC.

Broward County records show JPMorgan Chase Bank provided $24.2 million and the Community Development Trust, an investment company that focuses on affordable housing, loaned $3.5 million. A third $100,000 loan was issued by Broward County HOME funds.

The three loans cover 0.77 acres of land at 615 North Andrews Avenue, which was formerly used as a boat repair center. Turnstone paid $2.12 million to acquire the land, which it’s developing into an affordable apartment community.

Construction began Thursday on the nine-story Wisdom Creek Village apartment complex, which will house 105 units. Apartments at Wisdom will range in size from studios to two-bedrooms.