Developer Secured $67 Million for Fort Lauderdale Project

MRK Partners will replace 88 aging units with 164 new affordable apartments in the Progresso neighborhood.

Updated on Oct. 13, 2026 in Construction

Site plans on a sawhorse in front of a new wooden residential building frame under bright Florida sunlight. — MRK Partners finalized $67 million in construction financing to replace 88 aging residential units with 164 new affordable apartments in Fort Lauderdale. AI Illustration. Upload story photo >

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MRK Partners finalized $67 million in construction financing to redevelop an existing residential property at 800 to 844 Northwest 11th Avenue. The project replaces 1950s-era housing with 164 new affordable units serving households earning between 30 and 50 percent of the area median income.

Why it matters

The development targets a critical regional supply gap, as Broward County previously reported just 25 affordable homes available for every 100 families. This project effectively adds residential capacity while utilizing a Section 8 contract extended through 2046 to ensure long-term affordability.

The $67 million financing package comprises $50 million in tax-exempt debt and $17 million in taxable debt. This funding supports the construction of 192,000 square feet of housing across two five-story buildings on a 3.7-acre site.

The players

MRK Partners

An investment and development firm specializing in the preservation and renovation of affordable housing assets.

Berkadia

A commercial real estate finance firm providing mortgage banking and investment sales services for multifamily properties.

The details

Berkadia provided the capital through its Private Placement Bond Program to facilitate the site redevelopment. The new build will feature 173 surface parking spaces, densifying the site significantly compared to the 88 units originally built in the 1950s. The site remains bound by a long-term Section 8 Housing Assistance Payments contract that secures the rental subsidy stream for the next two decades.

1950s: Original housing units were built at the site.
2022: Broward County documented a ratio of 25 affordable homes per 100 families.
June 2025: MRK Partners acquired the development site.
August 2026: A local committee reviewed the project plans.
2046: The Section 8 contract extension is scheduled to conclude.

Market Landscape

This development follows a pattern of high-density redevelopment aimed at addressing the documented statewide deficit of 660,200 affordable rental units. It operates within the constraints of local land-use committee approvals and the long-term federal subsidy requirements of the Section 8 program.

Operators should monitor the site density and parking ratios as benchmarks for local affordable housing approvals in Broward County. The utilization of tax-exempt debt through private placement programs remains a key indicator for project feasibility in high-cost urban markets.

The takeaway

Large-scale affordable housing projects increasingly rely on combining long-term federal contracts with specialized bond financing to maintain viability. Owners should evaluate existing portfolio assets for potential densification opportunities that qualify for similar tax-exempt debt structures.