Framework Group has structured $50.22 million in financing for Mirrorton Apartments, a 305-unit multifamily development in the downtown quarter of Lakeland, Fla.
Because Mirrorton Apartments will provide much-needed workforce housing, it is subject to tax incentives awarded by the City of Lakeland and the Lakeland Community Redevelopment Agency. The property is also located within the bounds of a designated opportunity zone census tract. Opportunity zones were established by Congress in the Tax Cuts and Jobs Act of 2017 and encourage long-term investments in designated low-income areas by offering incentives in the form of lower or deferred capital gains taxes.
Located near the historic quarter, the Mirrorton Apartments development is part of the ongoing revitalization of Downtown Lakeland. Framework Group plans to utilize sustainable construction techniques to ensure the project will qualify for the National Green Building Standard (NGBS) designation. The property als
