Affiliated Secures $80M to Build Multifamily Development in Fort Lauderdale
The 400-unit development will cost $128 million
By Julia Echikson March 20, 2025 1:25 pm
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Affiliated Development broke ground on a multifamily development in Fort Lauderdale with a sizable workforce housing component after nabbing a $80 million construction loan this week from BMO Bank, property records show.
Called the Era, the eight-story project will house 400 units at 2101 South Andrews Avenue, a little less than three miles directly north of the Fort Lauderdale-Hollywood International Airport.
At least 210 apartments will be priced as workforce housing for those earning between 80 and 120 percent of area median income, according to the Fort Lauderdale-based developer. Construction is expected to be completed in the first quarter of 2027.
Last year, Affiliated Development acquired the 2.7-acre site for $15.2 million, according to property records.
In all, the Era is expected to cost $128 million. In addition to the construction debt as well as equity investments from Affiliated Housing Impact Fund and several private family offices, the City of Fort Lauderdale awarded Affiliated Development a 15-year property tax reimbursement to bridge the funding gap, while Broward County provided a 30-year property tax reimbursement up to $5.5 million.
This is Affiliated Development’s second project using construction debt from BMO. Last year, the bank provided a $50 million loan for the Spruce, a 270-unit mixed income workforce housing development in West Palm Beach.
Multifamily construction in South Florida has slowed since the height pandemic as rent growth has stalled and interest rates have risen. But some lenders are still financing projects, betting that the dearth of projects will create a competitive rental market once the buildings are delivered.
This week, Post Road Group closed on a $206 million construction loan for a 661-unit, market-rate development in Hialeah, while Santander Bank provided a $67 million loan for 21-acre, 383-unit development in Davie.
Julia Echikson can be reached at jechikson@commercialobserver.com.
