Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, broke ground on the future site of 52 at Park in Orlando, Florida during a ceremony with LAC leaders, local lawmakers and partners.
“Lincoln Avenue Communities is proud to grow our portfolio of affordable housing developments in Florida,” said Jordan Richter, LAC vice president and regional project partner. “Once completed, 52 at Park will provide hundreds of high-quality, affordable homes in one of the state’s fastest-growing metropolitan areas.”
“The City of Orlando remains committed to ensuring that everyone who wants to call Orlando home has access to quality housing that is safe and affordable,” said Orlando Mayor Buddy Dyer. “Through the power of partnership by working alongside Lincoln Avenue Communities, we look forward to welcoming the addition of 300 new affordable apartments and continue to leverage funding and offer incentives to make it easier for developers to build affordable housing in Orlando.”
52 at Park will offer amenities including a fitness center, pool, clubhouse, central laundry and a playground. The property will also include a sprawling solar installation that will offset 100% of the community’s electricity usage, making it one of the first affordable housing communities in Florida to provide full solar offsetting.
“LAC is committed to ensuring the long-term sustainability and resiliency of our developments,” said Cricket Cleary, LAC director of development. “52 at Park represents a major step toward a new generation of high-quality sustainable housing in Florida, and throughout the country.”
The project was financed through an issuance of tax-exempt bonds from the Orange County Housing Finance Authority; a Low-Income Housing Tax Credit (LIHTC) equity investment from Freddie Mac, syndicated by Berkadia; a Construction Inflation Response Viability Funding loan from the Florida Housing Financing Corporation; construction and permanent loans from Deutsche Bank, serviced by Berkadia; and solar energy credit equity.
