Lincoln Avenue Capital closes financing for affordable housing developments in central Florida
Lincoln Avenue Capital 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 needed in the North Port-Sarasota-Bradenton metropolitan area.
"Lincoln Avenue Capital is thrilled to continue growing our new ground-up development program," said Jeremy Bronfman, CEO at Lincoln Avenue Capital. "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 h