Multifamily Construction | $34,839,433 | Lake Worth, FL
Affiliated Development snagged a $35 million construction loan for its 230-unit apartment project near downtown Lake Worth Beach.
Fort Lauderdale-based Affiliated Development, which is led by Jeff Burns and Nick Rojo, is planning to use the loan to build The Mid, a new Class A apartment complex on 16th Avenue and North Dixie Highway. It secured the loan from Boynton Beach-based Trez Forman.
Affiliated Development is partnering with London and New York-based Round Hill Capital on the project. The group is focusing on workforce housing, aiming to offer renters a cheaper option than other nearby Class A multifamily properties.
Affiliated Development has had a busy week. Earlier this week, the firm secured approval from the West Palm Beach CRA board and city commission for a $9 million grant to go forward with a 289-unit, eight-story mixed-use project known as The Grand in West Palm Beach. The project will also be workforce housing.