Affiliated Lands $46M Construction Loan for 223-unit Apartment Project in Hollywood

Affiliated Development has secured a $45.5 million construction loan for its downtown Hollywood project, The Tropic, comprising 223 units with a workforce housing component. Half of the apartments are designated for households earning from 100% to 120% of the area median income, which stands at $88,500 annually in Broward County. Led by BankUnited, a group of lenders provided the necessary financing for the $83 million project. Affiliated Development specializes in mixed-income apartment projects, often supported by public subsidies. The Tropic received $9.5 million in public financing from Hollywood officials in 2021, alongside private investment from a family office and Affiliated's housing impact fund. This fund, with investors including South Florida pension funds and county employees, supports projects like the planned Era in Fort Lauderdale and The Pierce in Boynton Beach. Affiliated Development's completed projects include The Bohemian in Lake Worth Beach and The Grand in West Palm Beach.

Read the full article here…