Landmark Development Corporation nabbed $32.9 million in construction financing for an affordable housing project in Dania Beach.
The Miami-based developer recently broke ground on The City Place Apartments, a 99-unit complex at 59 Southwest Third Avenue. The apartments are for renters who make 60 percent of Broward County’s $64,522 annual median income.
Landmark, led by President Robert Saland, obtained loans from various sources, including a $26 million construction loan from Truist Bank, and a $2 million mortgage from United Way of Broward County, records show. Broward County and Neighborhood Lending Partners of Florida also provided loans of $4 million and $945,000, respectively.
In June, Landmark paid $3.3 million for the 1.2-acre-site, records show.
Dania Beach officials in March approved the eight-story project that also will have 2,500 square feet of commercial space, city records show. At the time, the developers received a $1 million, 17-year loan from the city. Landmark plans to offer below-market monthly rents ranging from $430 to $920 for one-bedroom units, and $500 to $1,100 for two-bedroom units.
The multifamily development boom in South Florida since the onset of the pandemic, along with monthly rents hitting record levels, has not helped alleviate the region’s affordable housing crisis, experts noted at a recent CREW Miami, or Commercial Real Estate Women, panel in Coconut Grove.
This month, a handful of developers are moving forward with affordable housing projects. In Deerfield Beach, the city commission approved a fourth apartment building for low-income seniors at a rental complex owned by the Jewish service organization B’nai B’rith. The project will add 62 new apartments, expanding the development to 333 units.
Miami Lakes-based Centennial Management plans to soon break ground on Cordova Estates, a 190-unit townhouse rental complex in Florida City. The project is designated for households earning no more than 60 percent of the $68,300 area median income in Miami-Dade County, with some units reserved for those earning 30 percent of the AMI.