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Affordable housing project in downtown Fort Lauderdale lands $27M loan
110-unit project is also being financed with a low income housing tax credit
UPDATED, Nov. 26, 4:45 p.m.: Atlantic | Pacific Communities closed on a $26.64 million loan from Bank of America for an affordable housing development in Fort Lauderdale.
AP Communities received the financing for Sailboat Bend II, a 110-unit rental project for seniors, ages 55 and older, on the New River near downtown Fort Lauderdale. The city of Fort Lauderdale’s housing authority is the land owner and co-developer.
In June 2018, the developer received a low income housing tax credit from the Florida Housing Finance Corporation for the development. The project will feature a community room with a kitchen, a business center with internet access, and a fitness center.
The developer also filed a notice of commencement for construction, records show. The nine-story building will have 118 parking spaces.
On Tuesday, Broward County gave initial approval to a land-use change that would encourage affordable housing construction on commercial sites near major roads. County commissioners voted to initiate the land-use change requiring that developments include a residential component with affordable units if located in high-traffic areas with “commerce” or “activity center” land-use designations.
Earlier this year, Atlantic | Pacific Real Estate Group and Blue Arch Advisors closed a $140 million portion of a fund that invests in multifamily properties in the Southeast and Southwest U.S. That fund is looking to raise a total of $300 million, which will give it buying power of over $750 million.