The Residences at Beverly Park, an affordable housing development in Hollywood, Florida.
NuRock Companies has secured $38.7 million to develop the Residences at Beverly Park, an affordable housing project in Hollywood, Florida. Comprising 115 units, this development aims to address the local affordable housing crisis by offering energy-efficient homes to low- and moderate-income residents. The project will be designed by CFM Architects and will include various amenities such as a swimming pool and gym. Following this project, NuRock plans to launch another housing initiative nearby, continuing their commitment to affordable living solutions in the region.
NuRock Companies has successfully secured a substantial funding package of $38.7 million to advance its latest affordable housing development known as the Residences at Beverly Park. This project will comprise 115 units exclusively dedicated to affordable housing in Hollywood, Florida. The funding aims to directly address the pressing affordable housing crisis faced in the region, making it a significant development for local residents.
The financial backing for this project includes various components provided by Regions Bank, which encompasses a $15.6 million construction loan, a $22.5 million bridge note, and a $772,850 Freddie Mac loan set to mature in 2027. Additionally, to bolster the funding process, the local government has issued a $640,000 note specifically to support the application for 9 percent Low-Income Housing Tax Credits (LIHTC), which are crucial for making the project feasible.
The Residences at Beverly Park is being developed at 6017 Washington Street, positioned approximately 19 miles north of downtown Miami and about 15 miles southeast of Fort Lauderdale. The site is strategically located within walking distance to various retail options and a nearby park, making it an accessible living area for future residents.
The development is designed by CFM Architects and will consist of a 10-story building featuring a range of residential units encompassing one to three bedrooms. The apartments will cater to a diverse group of residents, specifically targeting those earning up to 30%, 60%, and 80% of the area median income. Moreover, the new units will be equipped with energy-efficient features and stylish modern finishes, reflecting a commitment to sustainability.
Aiming for Green Certification, the project will also feature an array of amenities designed to enhance the quality of life for its residents. These amenities will include an elevated swimming pool with a sundeck, a fully-equipped gym, a community room for gatherings, and structured parking facilities. The NuRock management team will be actively involved in providing supportive services and organizing community events to foster a close-knit neighborhood atmosphere.
The demand for affordable housing in Greater Miami has become increasingly evident, especially with over 5,100 units of fully affordable projects currently under construction. This number represents 14.7% of the total supply pipeline in the area. The trend of increasing affordable housing developments is also reflected in the first half of 2025, during which approximately 1,610 units were completed, marking more than double the number from the previous year.
As the affordable housing landscape continues to evolve in South Florida, developments like the Residences at Beverly Park stand as vital contributions towards a more accessible housing market for residents of Hollywood and Broward County.
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