SOUTH REGION
$6 million FCLF financing (2 loans)
Construction to term financing
90 units of affordable rental housing for seniors
8,962 sq feet of nonprofit services space
“We’re thrilled to have closed financing and begun construction on Lofts on 6th in Fort Lauderdale,” said Mitch Rosenstein, principal and co-founder of Green Mills Group. “This ~$45 million mixed-use development represents a true public-private partnership, with nine layers of financing, a joint venture with an outstanding nonprofit partner, and support from multiple levels of government. Across our company’s portfolio, this marks the seventh community financed by Florida Community Loan Fund, consistently demonstrating a deep commitment to affordable housing and community development.” ‒ Mitchell Rosenstein, Principal, Green Mills Group
In Fort Lauderdale, the Sistrunk neighborhood is known as the city’s oldest historically Black community. Centered around the boulevard named after Dr. James Franklin Sistrunk – co-founder of Broward County’s first Black hospital – the area is undergoing revitalization with new housing, mixed-used projects, and preservation efforts highlighting its heritage.
Green Mills Group has partnered with The Pantry of Broward, Inc. to develop the Lofts on 6th in the Sistrunk neighborhood. Founded over 10 years ago, Green Mills Group develops and owns award-winning “green” affordable and workforce housing communities throughout Florida. The Pantry of Broward is a local nonprofit organization that provides essential services and food assistance to seniors living on limited fixed incomes, as well as grandparents raising grandchildren.
Florida Community Loan Fund provided construction financing for Lofts on 6th, which will include 90 apartments affordable to residents earning up to 80% of the area median income (AMI), with several units reserved for households with lower incomes. In addition to the residential component, the project will include new retail and office space for The Pantry of Broward, enabling the organization to expand its operations and better serve the community.
The Lofts on 6th will deliver high quality, long-term affordable housing for local seniors while expanding The Pantry of Broward’s reach and strengthening community infrastructure in Fort Lauderdale. FCLF received a Capital Magnet Fund (CMF) award from the Community Development Financial Institutions (CDFI) Fund, which allowed FCLF to offer more favorable terms to Lofts on 6th and help ensure the project’s success. Additional financing for the project has been provided by a combination of public and private sources.
greenmillsgroup.com/project/lofts-on-6th
