Broward affordable housing project scores financing

Miami /
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.


Related Articles

arrow_forward_ios
Investment duo pays $41M for Fort Lauderdale shopping plaza
Investment duo pays $41M for Fort Lauderdale shopping plaza
Investment duo pays $41M for Fort Lauderdale shopping plaza
Los Angeles Chargers defensive end Joey Bosa buys a waterfront Fort Lauderdale house for $6M (Daniel Petroni Photography, Getty)
$6M play: Los Angeles Chargers’ Joey Bosa picks up waterfront Fort Lauderdale home
$6M play: Los Angeles Chargers’ Joey Bosa picks up waterfront Fort Lauderdale home
Rockpoint, InSite buy B Ocean Resort Fort Lauderdale for $127M
Rockpoint, InSite buy B Ocean Resort Fort Lauderdale for $127M
Rockpoint, InSite buy B Ocean Resort Fort Lauderdale for $127M
Jim Moran with the site (Google Maps, Jim Moran Foundation)
Jim Moran Foundation revs up HQ plan with $10M site acquisition
Jim Moran Foundation revs up HQ plan with $10M site acquisition
Fort Lauderdale Beach hotel portfolio trades for $27M
Fort Lauderdale Beach hotel portfolio trades for $27M
Fort Lauderdale Beach hotel portfolio trades for $27M
Wickshire Senior Living buys Fort Lauderdale ALF for $17M
Wickshire Senior Living buys Fort Lauderdale ALF for $17M
Wickshire Senior Living buys Fort Lauderdale ALF for $17M
Hines pays $57M for office building dev site in Fort Lauderdale’s FATVillage
Hines pays $57M for office building dev site in Fort Lauderdale’s FATVillage
Hines pays $57M for office building dev site in Fort Lauderdale’s FATVillage
Ecuadorian president, linked to US real estate, named in Pandora Papers
Ecuadorian president, linked to US real estate, named in Pandora Papers
Ecuadorian president, linked to US real estate, named in Pandora Papers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...