MRK secures $67M construction financing for Fort Lauderdale housing project amid affordable housing crunch

MRK Partners scored $67 million in construction-to-permanent financing for the redevelopment of Federal Apartments, a planned affordable housing project in Fort Lauderdale.  Berkadia provided the financing, which consists of $50 million in tax-exempt debt and $17 million in taxable debt, through its Private Placement Bond Program. Tim Leonhard and Melissa Koppel of Berkadia Affordable Housing arranged the financing, according to a release. The loan will fund the replacement of 88 housing units built in the 1950s in Fort Lauderdale’s Progresso neighborhood with 164 affordable residential units serving households that earn between 30 percent and 50 percent of the area median […]

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