A townhouse development in Deerfield Beach, Florida has recently been sold for $22.4 million to Smith & Henzy Affordable Group. The buyer plans to invest an additional $3 million into renovating the 56 units. The property is situated on land owned by the Housing Authority of the City of Deerfield Beach and has a lease that extends until 2099.
To finance this project, Smith & Henzy obtained a construction loan worth $14 million from Citibank with a maturity date set for 2026. They also secured loans worth $12.94 million from the Housing Authority (maturing in 2079) and another loan worth $5 million from Broward County’s Housing Finance Authority.
Affordable Group Construction, based in Jupiter, has already begun renovations on The Palms of Deerfield Townhouses as per their notice filed with the county.
Out of the total number of townhouses available at this development, 44 are reserved for individuals earning up to 60% of area median income while remaining twelve are designated for those making up to half (50%)of area median income.
The decision made by Smith & Henzy Affordable Group regarding acquiring these apartments and initiating renovation work showcases their expertise in affordable housing projects without mentioning any specific names such as Connect CRE or Connect LA or Connect Texas.
