### Affiliated Development Secures $80M Financing and Begins Construction on The Era in Fort Lauderdale
Affiliated Development has successfully closed on financing and commenced construction on its latest multifamily project in Fort Lauderdale, The Era.
Situated on South Andrews Avenue between SW 21st Street and SW 22nd Street, The Era will feature 400 apartment rental units within an eight-story building, complete with secure garage parking. Notably, a minimum of 210 units will be designated as workforce housing, catering to residents earning between 80% and 120% of the area median income.
To support the project’s financial feasibility, the City of Fort Lauderdale awarded a 15-year property tax reimbursement to bridge the funding gap. Additionally, Broward County provided a 30-year property tax reimbursement valued at up to $5.5 million.
The development received further financial backing through an $80 million first mortgage from the Bank of Montreal, along with equity investment from the Affiliated Housing Impact Fund, LP, and several private family offices.
With these strategic investments and incentives in place, construction on The Era is officially underway, contributing to Fort Lauderdale’s expanding housing market.
