Affiliated Development snagged a $35 million construction loan for its 230-unit apartment project near downtown Lake Worth Beach.
Fort Lauderdale-based Affiliated Development, which is led by Jeff Burns and Nick Rojo, is planning to use the loan to build The Mid, a new Class A apartment complex on 16th Avenue and North Dixie Highway. It secured the loan from Boynton Beach-based Trez Forman.
Affiliated Development is partnering with London and New York-based Round Hill Capital on the project.
The group is focusing on workforce housing, aiming to offer renters a cheaper option than other nearby Class A multifamily properties.
Affiliated Development has had a busy week. Earlier this week, the firm secured approval from the West Palm Beach CRA board and city commission for a $9 million grant to go forward with a 289-unit, eight-story mixed-use project known as The Grand in West Palm Beach. The project will also be workforce housing.
The MID’s amenities will include a resort-style pool and deck, fitness room with yoga/cycling studio, community room, co-working facility and a dog park. The building will also include 10 ground-floor live-work spaces and gated private parking. The Mid is projected to be completed in 2021.
Affiliated Development is also working on a 142-unit mixed-use apartment project in Fort Lauderdale named The Six13, along historic Sistrunk Boulevard. The group is using Opportunity Zone funds to finance the project.
Lake Worth Beach has seen a wave of new residential development in recent years as rents and home prices are rising in nearby West Palm Beach and Fort Lauderdale, forcing people to move further west. Investors have taken notice and are paying top dollar for the limited Class A apartment projects in the city. In one example, in July, Southstar Capital Group of Boca Raton paid Greystar $47.8 million for a 214-unit apartment complex near Lake Worth.