Affiliated scores $74M construction loan for Fort Lauderdale Live Local project as lending thaws

Affiliated Development started construction on a Live Local Act project in Fort Lauderdale after scoring a $74 million construction loan.  Pacific Life Insurance Company provided financing for The Cove, an eight-story, 376-unit development at 1055 North Federal Highway. The project is also being capitalized with equity from Affiliated Housing Impact Fund, along with family office capital partners, according to a news release. Fifty-five percent of the building, or 207 units, will be restricted to people earning up to 120 percent of the area median income, which is $97,600, according to Fannie Mae. Under Florida’s Live Local Act, developers must dedicate […]

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