Affiliated Breaks Ground on Miami-Area Workforce Housing
The company obtained more than $45 million in construction financing.
Affiliated Development has broken ground on The Tropic, a 223-unit workforce housing project in Hollywood, Fla. MSA Architecture provided designs, while Moss & Associates serves as general contractor.
The developer has recently secured $45.5 million in construction financing for The Tropic. The funds came as a first mortgage through a syndicated loan led by BankUnited.
Other financing sources for the $83 million development include $9.5 million in various funding incentives provided by the Hollywood CRA and the City of Hollywood in April 2021, as well as $3.5 million in incentives originated from the Interlocal Agreement with Broward County. The project’s capitalization also comprises an equity investment from Affiliated Housing Impact Fund LP and a private family office.
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The Tropic will rise 18 stories and encompass one, two- and three-bedroom floorplans. Half of the units will cater to households earning at or above 100 percent of the area median income. Amenities are to include a business center, fitness center and swimming pool, as well as a 296-space parking garage.
Located at 1744 N. Federal Highway, the 1-acre site is in downtown Hollywood off Highway 1, some 20 miles north of downtown Miami. The property is also roughly 6 miles from Fort Lauderdale-Hollywood International Airport and 8 miles from North Perry Airport, as well as within walking distance of Hollywood Beach.
South Florida affordable development
Affiliated Development currently has more than 1,860 units in various stages of planning or development across six affordable properties across South Florida, according to Yardi Matrix information. One of the projects is a 270-unit mixed-income development in West Palm Beach, Fla., that received the local authorities’ approval last April.
There were 162 communities under construction in Greater Miami as of March, totaling nearly 46,300 units, the same data source reveals. Fully affordable projects represent roughly 12.7 percent of the total pipeline.
