Developer nabs $19M loan for Pompano community
A Georgia-based developer just scored $19 million in construction financing for a new affordable housing community in Pompano Beach, records show.
Work began Friday on the Residences at Crystal Lake, a planned 92-unit townhome community. The project is led by Crystal Lakes Housing Partners, an affiliate of the NuRock Companies based in Georgia.
Broward County documents show that 87 of the units will be reserved for low-income renters, and five will be set aside for very low-income tenants. That agreement will run for the next 20 years.
Construction is being funded by two loans from the Florida Housing Finance Corp.: one for $5 million and the other for $11.7 million. The lender is a state entity that helps affordable housing through a number of programs, including by issuing loans for projects like Crystal Lake. Citibank also issued a $2 million loan, according to county records.
The community is being developed on 6.4 acres of vacant land at 400 Northeast 33rd Street. NuRock first purchased the site for $3.4 million in July from Pines at Crystal Lake LLC, a company headed by Jayir Marianowsky of Miami.
Correction 10/09/2015: A previous version of this article incorrectly stated the amount of financing as $16.7 million.