Affiliated Development has closed on a $74 million construction loan with Pacific Life Insurance Company for The Cove, a mixed-use, mixed-income multifamily development on the northwest corner of Sunrise Boulevard and Federal Highway in Fort Lauderdale. Just over half of the 374 units will be restricted to families earning 120% of the Area Median Income. In exchange for the rent restrictions, Fort Lauderdale and Broward County offered tax rebates.
The Cove will rise on the site of a former hotel property. The site was home to the Clarion Inn and The Link hotel until it was recently demolished. Moss Construction is serving as general contractor on The Cove. Rinka is the project’s architect.
The project is being capitalized with a $74 million construction loan from Pacific Life Insurance Company, equity from Affiliated Housing Impact Fund, LP and family office capital partners.
Construction on The Cove is expected to commence immediately following closing.
