County commissioners are expected today to approve about $28.2 million in new housing finance bonds to build 180 rental apartments in the city of Pembroke Park and to rehabilitate 318 rental units in the unincorporated community near Hollywood, FL.
The proposed financing would cover nearly 77% of all new affordable multifamily projects budgeted for 2001 by the Housing Finance Authority of Broward County. With a budget of about $43 million, the agency expects to finance the development of about 648 affordable rental apartments this year. A percentage of the budget also finances a first-time homebuyer's program for qualifying residents.
"These are the first two multifamily financing projects we've done so far this year," Lennard N. Robinson, the agency's executive director, tells GlobeSt.com. "Our budget this year went to $43 million from $32 million last year. Next year, with an incremental increase, we'll have about $53 million."
Each project a developer proposes must undergo a rigorous evaluation process that includes a market analysis, credit enhancements and assurances that each project meets regulatory approvals.
"We have an open application period from January to April each year," Robinson says. "The developer must meet successful underwriting (standards) by October."
This year the agency selected the Pembroke Villas apartment project--180 new apartment units proposed on a site between Southwest 52nd and Southwest 48th avenues along County Line Road in Pembroke Park. It will include 12 one-bedroom apartments; 104 two-bedroom units; and 63 three-bedroom units.
Pembroke Villas Apartments Ltd., a Miami Lakes, FL-based affiliate of Pembroke Villas Apartments Inc., submitted the development proposal. The parent company is controlled by Lewis V. Swezy, a principal with Hialeah-based Swezy Realty Inc.
William R. Hough & Co., a St. Petersburg, FL-based securities and investment banking firm, negotiated the right to underwrite the $11 million in tax-exempt bond financing for the Pembroke Villas project and the $625,000 in taxable bond financing. The underwriter has negotiated a partial private placement with Fannie Mae.
The agency also selected the Emerald Palms project--a 318-unit affordable rental complex at 4331 Southwest 54th Street east of State Road 7 being underwritten with $15.9 million in tax-exempt bond financing and $700,000 in taxable bond financing.
Emerald Palms Apartments Limited Partnership, a Miami-based affiliate of Emerald Palms GP, submitted the development proposal. Emerald Palms GP is controlled by Miami-based Emerald Clinton and West Palm Beach-based Boardwalk Property Management Inc. Boardwalk is controlled by Robert E. Johnson of Wellington, FL, though state records show no controlling officer or director for Emerald Clinton.
Raymond James & Associates Inc., a St. Petersburg-based securities and investment banking firm negotiated the right to underwrite the Emerald Palms deal in a composite bond purchase agreement with William R. Hough and Fannie Mae.
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