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.