PALM BEACH, FL—An affiliate of New York-based Related Companies is zeroing in on affordable housing in West Palm Beach, FL. Woodlake Preservation, a Florida limited partnership formed in 2012 to acquire and own the fee interest and renovate Woodlake Apartments, has received a $15.2 million Fannie Mae Loan through Centerline Capital Group to achieve oen of its affordable housing goals.

Located at1749 North Jog Road in West Palm Beach and constructed in 1998, Woodlake Apartments is a 224-unit affordable multifamily complex. The apartment community offers 14 two-story buildings, a one-story maintenance and laundry facility, and a sing-story leasing office and clubhouse.

“While the property is in overall good condition, it is in need of upgrades to the building exteriors, unit interiors and the community building to preserve and maintain the property for future affordable tenants,” says Jim Gillespie, managing director at Centerline. “Centerline Capital Group was able to obtain a $15.2 million fixed-rate Fannie Mae Moderate Rehabilitation loan to use in conjunction with equity from the sale of 4% LIHTCs.”