Affiliated Development closed on financing and started construction on the firm’s newest multifamily development project in Fort Lauderdale, The Era.

Located on South Andrews Avenue between SW 21^st Street and SW 22^nd Street, The Era will deliver 400 apartment rental units to the South RAC area of the downtown in an 8-story building with secure garage parking.  The Era will dedicate a minimum of 210 of the building’s 400 units for workforce housing residents earning between 80% and 120% of the area median income. The City of Fort Lauderdale awarded the developer a fifteen-year property tax reimbursement to bridge the funding gap and help finance the project. Affiliated was also awarded a similar incentive from Broward County, which provided a 30-year property tax reimbursement up to $5.5 million. 

In addition to the funding incentives, the Era was capitalized by a $80 million first mortgage from the Bank of Montreal and an equity investment from Affiliated Housing Impact Fund, LP and several private family offices.