$1.2 Million FCLF financing
Land acquisition loan
60 rental apartments + 8 townhomes for sale + 7,000 sq-ft retail
Turnstone Development Corporation, TDC, is a nonprofit community development organization that started in the Chicago area in 1998 with a mission to create and preserve affordable housing. In 2012, TDC expanded its operations to include Florida, beginning with single-family homes. Since that time, TDC has also developed multifamily rental homes in Fort Lauderdale. In addition to providing safe, affordable rental homes, TDC addresses the needs of its residents by providing links to area services and on-site social programs.
TDC ‘s newest project is located in the Sistrunk neighborhood of Fort Lauderdale, an area of very low-income with a mix of single-family and multifamily homes. A market study commissioned by TDC showed there is strong demand for workforce housing in the neighborhood, as rents in this area continue to rise and new development is targeted to a luxury market.
This multifamily community will consist of 60 rental apartments, 8 townhomes for sale, and 7,000 square feet of retail space on the ground floor. The project focuses on workforce housing, with homes affordable to households with 120% of area median income (AMI). The project will be developed through an LLC comprised of Turnstone Development Corp. and East Lake Management & Development Corp.
Florida Community Loan Fund provided financing for land acquisition. After working with a Community Development Financial Institution in the Chicago area as a lender, TDC knew they wanted to establish a similar borrowing partnership with a CDFI in Florida. This goal connected Turnstone with FCLF. The project will provide an estimated 11 permanent and 60 temporary construction jobs. Additional financing is provided by HUD.
Pictured, a typical multifamily community developed by Turnstone Development