In their newest venture, Related/Triad are developing the 160-unit, three-building Colonial Park Apartments in Margate, FL, 12 miles northwest of Fort Lauderdale's central business district and 32 miles north of Downtown Miami.
Related is providing $11.3 million in debt and equity financing to the venture. The funding package comprises $3.1 million in equity for tax credits generated by the project. Charter Mac, a Related company, is contributing $8.2 million through bond investments.
The companies zeroed in on Broward County because it is "one of the fastest-growing counties in Florida but one with a limited supply of affordable housing to meet the needs of seniors," Patrick Martin, Related's executive vice president, says in a prepared statement. He calls the deal with Triad "a solid investment" for Related
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