Ground Broken at Workforce Housing Development in Hollywood, Florida

Developer Affiliated Development has broken ground at The Tropic, an affordable housing development in Hollywood, Fla. The community will offer 223 residential units. Affiliated secured $45.5 million in construction financing. Funding came from a first mortgage through a syndicated loan led by BankUnited. Other financing for the $83 million development include $9.5 million in various funding incentives provided by the City of Hollywood and the Hollywood CRA in April 2021, along with $3.5 million in incentives originated from the Interlocal Agreement with Broward County. Capital also came from an equity investment from Affiliated Housing Impact Fund LP and a private family office. The 18-story building will include one-, two-, and three-bedroom units along with 296 parking spaces. Half of the residences will be designated for those earning at or above 100 percent of the area median income. Community amenities will include a swimming pool, fitness center and business center. The one-acre site is approximately six miles from Fort Lauderdale-Hollywood International Airport and 20 miles from downtown Miami.

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