Affiliated Development Closes $74 Million Loan, Commences Construction Of Live Local Project ‘The Cove’

South Florida-based Affiliated Development has closed on a $74 million construction loan with Pacific Life Insurance Company for The Cove, a mixed-use, mixed-income multifamily development on the northwest corner of Sunrise Boulevard and Federal Highway in Fort Lauderdale.

The Cove will rise on the site of a former hotel property, delivering 376 residential units in an eight-story building with structured parking. The location places residents minutes from the beach, downtown Fort Lauderdale and the region’s largest employment centers.

The Cove is designed to deliver best-in-class Class A living at attainable rental rates, addressing a deeply undersupplied segment of the housing market. To facilitate the development, Affiliated Development utilized the State of Florida’s Live Local Act, which allows for certain mixed-income residential projects that dedicate at least 40% of the units to workforce housing to obtain development approvals administratively as well as height and density bonuses.

The project’s affordability commitment goes well beyond the 40% minimum required under Live Local: 207 units, or 55% of the building, will be restricted to individuals and families earning no more than 120% of Area Median Income.

Fort Lauderdale-based Affiliated Development has developed a niche for building luxury class-A multifamily communities at attainable rents. The Cove will feature a resort-style amenity package and high-end finishes consistent with Affiliated Development’s Class A standards, while maintaining rents accessible to middle-income households. The project exemplifies the firm’s strategy of developing luxury multifamily communities in high-barrier markets while leveraging legislative tools, local incentives, and creative capital structures.

“The Cove shows what’s possible when a city, a county, and a developer all commit to the same goal,” says Nick Rojo, Co-Founder of Affiliated Development. “The Live Local Act gave us the tools, but it was the partnership with Fort Lauderdale and Broward County that allowed us to push affordability well past the minimum and deliver 207 workforce units in one of the most supply-constrained markets in the country.”

The Cove represents another successful collaboration between Affiliated, the City of Fort Lauderdale and Broward County to address both redevelopment and housing. In November 2024, the City of Fort Lauderdale awarded the project a 100% property tax rebate for a period of 15 years, not to exceed $8.83 million. In January 2025, Broward County awarded a 50% property tax rebate for a period of 30 years, not to exceed $5.45 million.

“Fort Lauderdale continues to see unprecedented growth, and redeveloping an aging hotel site into 376 new homes — more than half of them workforce housing — is exactly the kind of project our city needs,” says Jeff Burns, Co-Founder of Affiliated Development. “This is our third project alongside the City and County, and each one has deepened a relationship we’re proud of.”

Moss Construction is serving as general contractor on The Cove, marking the eighth project Moss has built for Affiliated Development. Rinka is the project’s architect.

“Our success comes down to the strength of our relationships, and this is our eighth project with Moss,” says Burns. “That kind of continuity matters when you’re trying to deliver quality construction at attainable prices.”

The project is being capitalized with the $74 million construction loan from Pacific Life Insurance Company and equity from Affiliated Housing Impact Fund, LP, along with family office capital partners. This marks the second Affiliated Development project financed by Pacific Life, which also provided a $72.56 million construction loan in December 2025 for The Dune, a Live Local, mixed-income development in Boynton Beach and the first mixed-income workforce housing development financed in South Florida. Construction on The Cove is expected to commence immediately following closing.

“We’re thrilled to again partner with Pacific Life on The Cove,” says Rojo. “Our capital structure combines first mortgage financing, local pension dollars through the Affiliated Housing Impact Fund, private capital through our family office partners and support from the City and County — that’s the kind of innovative approach it takes to deliver a best in class mixed-income housing development like The Cove.”

Affiliated Development continues to be one of the most active mixed-income and workforce housing developers in South Florida, with projects completed or underway throughout Palm Beach, Broward and Miami-Dade counties. The firm has been recognized for its leadership in delivering mixed-income housing through innovative public-private partnerships and institutional capital relationships.