Cornerstone Group Secures $23M Loan for Broward Co. Affordable Housing
By Julia Echikson and Chava Gourarie July 19, 2021 3:01 pm
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The Cornerstone Group secured a $23.2 million loan for Oaks at Pompano, an affordable multifamily complex in Pompano Beach, Fla., from First Housing Development Corporation, property records show.
The 224-unit property, located at 501 SW 1st Court, was 98 percent leased and valued at $28.6 million as of March 2021, according to documents filed with the Tel Aviv Stock Exchange. It had a net operating income of $1.5 million in 2020, per the documents.
The mortgage marks the third financing deal for the 420,642-square-foot property since the developers purchased the parcels for $1 million in 1997, per records. Following the acquisition, Reilly Mortgage Group loaned $9.5 million in 1997. In 2013, Tampa-based First Housing Development provided an $11.3 million mortgage.
A representative for Cornerstone did not immediately respond to a request for comment.
The Oaks at Pompano sits between the I-95 Highway and East Atlantic Boulevard, which leads to the beach less than three miles away. Monthly rents for one- to three-bedroom apartments range between $986 and $1,357, according to Apartments.com.
Based in Hollywood, Fla., The Cornerstone Group is run by Jorge Lopez and Lenny Weiss, and specializes in affordable multifamily housing. Since its inception in 1993, the company says it has built more than 10,000 apartments across Florida.
