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Landmark JV nabs construction loan for West Palm senior affordable housing
Partnership is planning Autumn Ridge, 106-unit apartment project
A Landmark Development joint venture scored a $19 million tax-exempt construction loan for a West Palm Beach affordable housing project for seniors.
TD Bank provided the financing to an affiliate of Miami-based Landmark and Magnolia Affordable Development, an entity managed by executives of the West Palm Beach Housing Authority, records show.
The partnership is planning Autumn Ridge, a 106-unit apartment project, with 1,100 square feet of retail and 171 parking spaces at 1580 and 1610 North Congress Avenue. Landmark and Magnolia also secured $3.4 million in tax-exempt financing from Palm Beach County, records show.
The apartments will provide housing for seniors 62 years old and up, and who make up to 80 percent of the $68,874 area median income in Palm Beach County, records show.
Last year, Landmark and Magnolia paid $3.6 million for the 3.6-acre development site. The developer obtained a notice of commencement last month, records show.
Landmark, led by President Robert Saland, is in active development mode. In January, the firm landed $32.9 million in construction loans for a Dania Beach affordable housing project. Truist Bank and three other lenders provided the financing for The City Place Apartments, a 99-unit complex currently under construction at 59 Southwest Third Avenue. The units will be set aside for renters who make 60 percent of Broward County’s $64,522 annual median income.
Landmark acquired the 1.2-acre site for $3.3 million last year.
Affordable housing development in South Florida could get a boost from a recently passed state law. This month, Florida Gov. Ron DeSantis signed The Live Local Act, new legislation that sets aside more than $700 million in funding for affordable and mixed-income housing development. The new law also creates tax breaks and zoning-related incentives for affordable and workforce housing projects.
For instance, Florida’s State Apartment Incentive Loan program, or SAIL, is getting an infusion of $259 million to provide low-interest loans for workforce housing.