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.
Source: The Real Deal
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