Atlantic Pacific Communities just scored two construction loans totaling $32 million for an affordable housing project in Dania Beach.
The company, which has an office in Bay Harbor Islands, will use the financing to build 176 new affordable homes for elderly residents and families at 701-815 and 1105-1165 West Dania Beach Boulevard. The new building, called Saratoga Crossings, will replace 39 obsolete public housing units, according to an Atlantic Pacific spokesperson.
The developer demolished the older public housing buildings in October and construction began earlier this month. The project will use a 9 percent Low Income Housing Tax Credit, according to the Dania Beach Housing Authority’s website.
Rents in the building will range from $380 to $835 for a one-bedroom; $450 to $1,000 for a two-bedroom; $530 to $1,150 for a three-bedroom. The developer expects to complete the project by the end of 2019, a spokesperson said.
Atlantic Pacific Companies, led by Howard Cohen, and its partners recently won a bid to develop a $172.8 million mixed-use project with a total of 600 residential units on a 90,000-square-foot parking lot at 152 Northwest Eighth Street in downtown Miami. In October, an Atlantic Pacific Communities partnership paid $22.6 million for a 220-unit waterfront affordable senior housing complex in Sunny Isles Beach, known as the Marian Towers.