Affiliated Development Secures $45.5M Construction Loan For Tropic In Hollywood

The development site located at 303 South Federal Highway in Hollywood, Florida, spans 0.7 acres. Affiliated Development, under the ownership of Jeff Burns, is planning to construct Tropic, an 18-story workforce housing project near Young Circle in Downtown Hollywood.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $45,500,000
• Market: Hollywood
• Lender: Bank United
• Landlord: Jeff Burns - Affiliated Development
• Loan Type: Construction Loan

Affiliated Development secured a $45.5 million construction loan from Bank United for the Tropic project. The housing development aims to allocate 25% of its 223 units for individuals with incomes up to 100 percent of the area median income. The project is supported by a $6.6 million incentive package approved by the Hollywood City Commission.