Broward affordable housing project scores financing

Community will house 105 units ranging from studios to two-bedroom apartments

Sep.September 25, 2015 10:30 AM

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.

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