A Deerfield Beach affordable townhouse development recently sold for $22.4 million. Smith & Henzy Affordable Group bought the property and will spend $3 million on renovating the 56 units. The land where The Palms of Deerfield was built is owned by the Housing Authority of the City of Deerfield Beach. The lease runs through 2099.

The buyer obtained a $14 million construction loan from Citibank that matures in 2026, a $12.94 million loan from the Housing Authority that matures in 2079, and a $5 million loan from the Housing Finance Authority of Broward County.

Jupiter-based Affordable Group Construction filed notice with the county that it started renovations on the Palms of Deerfield Townhouses.

44 of the townhouses are reserved for people making up to 60% of area median income and the other 12 are reserved for people making up to 50% of area median income.

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