Mayor Buddy
Dyer, Director of Program Operations for Orange
County Housing Finance Authority Shawn Tan and LAC
leaders attended the groundbreaking ceremony for 52 at Park, a
300-unit apartment complex for lower-income families and
individuals in Orlando.
Additional photos and renderings available upon
request.
ORLANDO,
Fla., April 23, 2024 /PRNewswire/
-- Lincoln Avenue Communities (LAC), a mission-driven acquirer
and developer of affordable housing, broke ground Tuesday on the
future site of 52 at Park during a ceremony with LAC leaders, local
lawmakers and partners. 52 at Park will provide 300 affordable
housing units to individuals and families in Orange County earning no more than 60% of the
Area Median Income.
"Lincoln Avenue Communities is proud to grow our portfolio of
affordable housing developments in Florida," said Jordan
Richter, LAC vice president and regional project partner.
"Once completed, 52 at Park will provide hundreds of high-quality,
affordable homes in one of the state's fastest-growing metropolitan
areas."
The property will include eight residential buildings, with all
units expected to be completed by the end of 2025.
"The City of Orlando remains committed to ensuring
that everyone who wants to call Orlando home has access to quality housing
that is safe and affordable," said Orlando Mayor Buddy
Dyer. "Through the power of partnership by working alongside
Lincoln Avenue Communities, we look forward to welcoming the
addition of 300 new affordable apartments and continue to leverage
funding and offer incentives to make it easier for developers to
build affordable housing in Orlando."
52 at Park will offer amenities including a fitness center,
pool, clubhouse, central laundry and a playground. The property
will also include a sprawling solar installation that will offset
100% of the community's electricity usage, making it one of the
first affordable housing communities in Florida to provide full solar offsetting.
"LAC is committed to ensuring the long-term sustainability and
resiliency of our developments," said Cricket Cleary, LAC director
of development. "52 at Park represents a major step toward a new
generation of high-quality sustainable housing in Florida, and throughout the country."
The project was financed through an issuance of tax-exempt bonds
from the Orange County Housing Finance Authority; a Low-Income
Housing Tax Credit equity investment from Freddie Mac, syndicated
by Berkadia; a Construction Inflation Response Viability Funding
loan from the Florida Housing Financing Corporation; construction
and permanent loans from Deutsche Bank, serviced by Berkadia; and
solar energy credit equity.
About LAC: Lincoln Avenue Communities (LAC) is
one of the nation's fastest-growing developers, investors, and
operators of affordable and workforce housing, providing
high-quality, sustainable homes for lower- and moderate-income
individuals, seniors, and families nationwide. A subsidiary
of Lincoln Avenue Capital, LAC is a mission-driven
organization with a presence in 28 states and a portfolio of 150
properties comprising 27,000+ units.
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SOURCE Lincoln Avenue Communities