Delray Beach Developer to Build Affordable Housing on Church Property
By Julia Echikson March 26, 2023 10:51 pm
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A developer based in Delray Beach scored a $42.3 million construction loan for an affordable housing development on church property, property records show. The development, called St. Joseph Manor II Apartments, will feature 150 units at 1200 NW Sixth Avenue in Pompano Beach, Fla.
The financing includes a $34 million tax-exempt loan from Bank Of America and $8.3 million from Broward County.
The Archdiocese of Miami owns the 8.33-acre site. The Miami-based chapter leases the parcel to its affiliated nonprofit Catholic Health Service St. Joseph Manor II, which subsequently leased it out to the developer, Smith & Henzy Advisory Group.
A portion of the property, located adjacent to St. Joseph Haitian Mission, is already home to a four-story building with 63 apartments for low-income seniors.
Representatives for Catholic Health Service and the developer did not immediately respond to requests for comment.
In recent months, other affordable housing projects have secured funding as rental prices have skyrocketed in the region since the pandemic hit three years ago.
Last month, McDowell Housing Partners and Miami Jewish Health Systems landed $91 million to build a 410-unit development in Pembroke Pines, The Real Deal reported. Last week, MV Real Estate Holdings broke ground on a 64-unit project after securing $18 million in funding.
That same strong demand has pushed developers to build on Church properties, which are often situated in prime locales.
Julia Echikson can be reached at jechikson@commercialobserver.com.
