Lincoln Avenue Capital Closes Financing for Family & Senior Affordable Housing Developments in Central Florida

Mission-driven affordable housing group's second and third ground-up development will expand affordability in one of the nation's most expensive mid-sized markets.

MANATEE COUNTY, Fla., Feb. 6, 2023 /PRNewswire/ -- Lincoln Avenue Capital (LAC), a mission-driven acquirer and developer of affordable housing, announced that it closed on the financing for construction of the 301 Flats and The Savoy at 301, the organization's first new construction projects in Florida. These new communities will provide 324 units of affordable housing for families and individuals and 248 units of senior housing, respectively.

Both properties will be reserved for those earning no more than 60 percent of the Area Median Income, and The Savoy will be limited to seniors at least 62 years old. These communities will expand access to quality, affordable homes that are critically needed in the North Port-Sarasota-Bradenton metropolitan area, which ranked among the nation's most expensive mid-size metro areas in 2022.

This milestone marks LAC's second and third closing on a ground-up development, after the company began construction on its first ground-up apartment community last year in Colorado Springs.

"Lincoln Avenue Capital is thrilled to continue growing our new ground-up development program," said LAC CEO Jeremy Bronfman. "This deal represents an exciting opportunity to significantly increase the affordable housing stock in a key area where seniors, families, and individuals face a shortage of attainable high-quality homes."

The developments were separately financed through CitiBank's Back to Back Loan Program for construction and permanent financing; tax-exempt bonds provided by the Housing Finance Authority of Manatee County; a Low-Income Housing Tax Credit equity investment by U.S. Bank; and a soft loan from Manatee County to cover impact fees.

"This collaborative effort with our financing partners will deliver much-needed affordable housing to the Bradenton-Sarasota area," said Jordan Richter, LAC Vice President & Project Partner. "As rent pressure remains high in Florida and throughout the country, Lincoln Avenue Capital is committed to providing innovative solutions to confront our national housing crisis."

Construction on both communities began in January, with initial units expected to be available for occupancy in 2024. The 301 Flats will include 13 three-story apartment buildings and amenities such as a fitness center, swimming pool, playground, sports court, and covered picnic area with grills. The Savoy at 301 will be a four-story mid-rise building with a community room, fitness center, cards and crafts room, and a covered picnic and grilling area.

Both communities will include Energy Star-rated features and appliances, as LAC continues to prioritize sustainability measures in its new construction and across its existing portfolio.

About LAC: Lincoln Avenue Capital 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. LAC is a mission-driven organization that serves residents across 22 states, with a portfolio of 117 properties comprising 20,000+ units.

SOURCE Lincoln Avenue Capital

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