News Summary
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 Secures $38.7 Million to Develop Affordable Housing in Hollywood, Florida
NuRock Companies has successfully obtained a significant financial package worth $38.7 million to support the construction of the Residences at Beverly Park, a vital affordable housing initiative in Hollywood, Florida. This funding underscores the growing importance of addressing the affordable housing crisis in the region.
Details of the Funding
The sizable financial arrangement, coordinated through Regions Bank, comprises several components: a $15.6 million construction loan, a $22.5 million bridge note, and a $772,850 Freddie Mac loan that will mature in 2027. This funding is structured to ensure a smooth transition through various stages of development, allowing for timely completion.
Project Overview
The Residences at Beverly Park will consist of 115 units housed in a modern 10-story building. Designed by CFM Architects, the development is actively underway, with completion expected by January 2026. The construction will be managed by a subsidiary of NuRock, ensuring that the project stays on track and meets quality standards.
Affordable Housing Commitment
This project has qualified for 9 percent Low-Income Housing Tax Credits (LIHTC), which makes it an even more appealing option for low-income residents. Additionally, local government support includes a $640,000 note that aids in the tax credit application process, making the project financially viable.
Target Demographics and Modern Features
The Residences at Beverly Park aims to provide affordable living spaces for residents earning up to 30%, 60%, and 80% of the area median income. The apartments will feature energy-efficient designs with modern finishes, appealing to environmentally conscious residents. Further, the project aspires to receive Green Certification, signifying its commitment to sustainability.
Amenities to Enhance Living Experience
Residents will have access to a variety of amenities, including an elevated swimming pool with a sundeck, a state-of-the-art gym, a community room for gatherings, and structured parking for convenience. A dedicated management team from NuRock will also provide supportive services and organize community events, fostering a sense of connection among the residents.
Strategic Location
Located at 6017 Washington Street, the new development sits approximately 19 miles north of downtown Miami and about 15 miles southeast of Fort Lauderdale. This prime location places it within walking distance of several retail options and parks, making it an attractive option for families and individuals alike.
Future Developments on the Horizon
Looking ahead, NuRock has plans to initiate another affordable housing project called Residences at Foxcroft Cove, which will include 83 income-restricted units and is situated less than six miles from this latest development. This commitment exemplifies NuRock’s ongoing efforts to bolster affordable housing solutions in the area.
Broader Picture of Affordable Housing in Greater Miami
As of July, over 5,100 units of fully affordable projects were under construction in Greater Miami, constituting 14.7% of the total supply pipeline. The first half of 2025 saw the completion of approximately 1,610 units in fully affordable developments, more than doubling the figure from the previous year. Concurrently, ongoing efforts in other projects like Wynwood Works, which features 120 units, highlight the growing commitment to meet housing needs.
Conclusion
The Residences at Beverly Park stands as a promising development in the fight against the affordable housing shortage in Hollywood and Broward County. By offering modern, affordable living spaces, this project aims to enhance the community’s quality of life while addressing critical housing demands.
Deeper Dive: News & Info About This Topic
Additional Resources
- Multi-Housing News: NuRock Secures $38.7 Million for Affordable Housing Project
- Wikipedia: Affordable Housing
- Los Angeles Business Journal: Identifying New Affordable Housing Locations
- Google Search: Affordable Housing
- KOIN: Local Leaders Break Ground on Affordable Housing Complex
- Google Scholar: Affordable Housing
- Miami Herald: New Affordable Housing Developments
- Encyclopedia Britannica: Affordable Housing
- ReBusiness Online: EAH Housing Starts Construction of Affordable Housing Development
- Google News: Affordable Housing Projects
