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Related and Triad Capture 25% of Broward's Senior Affordable Housing Market

MIAMI-New York-based Related Capital Co. is investing $11 million in debt and equity financing to develop the 160-unit, three-building Colonial Park Apartments in Margate, FL, 32 miles north of Downtown Miami.

By Alex Finkelstein | Updated on June 24, 2002

MIAMI-Spotting a niche in South Florida’s senior affordable housing market, New York-based Related Capital Co. and Hollywood, FL-based Triad Housing Partners LLC have captured 25% of Broward County’s business and plan to increase that margin over the next year.

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.

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