Affiliated Lands $73M to Build Mixed-Income Development in South Florida

Affiliated Development nabbed a $73 million construction loan for a garden-style development with a workforce and affordable housing component in Boynton Beach, Fla., the developer announced.

The financing from Pacific Life Insurance will fund the 336-unit Dune project at  2607 South Federal Highway, near the Intracoastal Waterway about 11 miles south of Downtown West Palm Beach. The development will include one eight-story building with 298 apartments as well as 38 three-story buildings with street-level retail and structured parking.

The Dune will feature 198 units that will be reserved for households earning between 80 percent and 120 percent of the area’s median income. Affiliated Development utilized the Live Local Act, a Florida law first passed in 2023 that allows developers to bypass local zoning laws if more than 40 percent of units are priced within 120 percent of the area’s median income.

“The Live Local Act has created a meaningful pathway to deliver workforce housing in high-cost markets, and the Dune is a strong example of how thoughtful public policy can help unlock much-needed housing while maintaining design quality and community standards,” Nick Rojo, co-founder of Fort Lauderdale-based Affiliated Development, said in a statement. 

Besides the construction debt, the $122 million development is being financed with equity from Affiliated Housing Impact Fund and capital from a family office, which a representative for Affiliated Development has yet to name. Affiliated Development purchased the 4.3-acre site for $12 million in 2024, according to property records.

The firm expects the break ground on another mixed-income development later this year, which will house 300 apartments and 17,000 square feet of retail space.

Julia Echikson can be reached at jechikson@commercialobserver.com.