Affiliated Development closed on financing and started construction on the firm’s newest multifamily development project in Fort Lauderdale, The Era.
Located on South Andrews Avenue between SW 21st Street and SW 22nd Street, The Era will deliver 400 apartment rental units to the South RAC area of the downtown in an 8-story building with secure garage parking. The Era will dedicate a minimum of 210 of the building’s 400 units for workforce housing residents earning between 80% and 120% of the area median income. The City of Fort Lauderdale awarded the developer a fifteen-year property tax reimbursement to bridge the funding gap and help finance the project. Affiliated was also awarded a similar incentive from Broward County, which provided a 30-year property tax reimbursement up to $5.5 million.
In addition to the funding incentives, the Era was capitalized by a $80 million first mortgage from the Bank of Montreal and an equity investment from Affiliated Housing Impact Fund, LP and several private family offices.
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