NuRock Secures Funding for Affordable Housing in Hollywood

News Summary

NuRock Companies has secured $38.7 million to develop the Residences at Beverly Park, an affordable housing project in Hollywood, Florida. Comprising 115 units, this development aims to address the local affordable housing crisis by offering energy-efficient homes to low- and moderate-income residents. The project will be designed by CFM Architects and will include various amenities such as a swimming pool and gym. Following this project, NuRock plans to launch another housing initiative nearby, continuing their commitment to affordable living solutions in the region.

NuRock Secures $38.7 Million Funding for Affordable Housing in Hollywood

NuRock Companies has successfully obtained a substantial $38.7 million debt package intended for the construction of the Residences at Beverly Park, a 115-unit affordable housing development situated in Hollywood, Florida. This innovative project, designed by CFM Architects, has already commenced and is set to offer affordable living spaces to a diverse range of residents in the area.

Funding Breakdown

The financing for this project comes from Regions Bank and includes a combination of financial instruments. The structure of the funding comprises a $15.6 million construction loan, a $22.5 million bridge note, and a $772,850 Freddie Mac loan that will mature in 2027. This comprehensive funding approach positions the project to move forward efficiently.

Affordable Housing Tax Credits

The Residences at Beverly Park has qualified for 9 percent Low-Income Housing Tax Credits (LIHTC), which will facilitate its financial sustainability. Additionally, the local government has contributed a $640,000 note to bolster the tax credit application, underscoring community support for this significant initiative.

Project Specifications

This ambitious development will take the form of a 10-story building featuring a mix of one- to three-bedroom apartments. The housing units are specifically targeted at residents earning up to 30%, 60%, and 80% of the area median income, making it a crucial addition to the local affordable housing landscape. To enhance energy efficiency and modern living, the apartments will incorporate energy-efficient features and contemporary finishes.

Completion Timeline and Amenities

Currently underway, the Residences at Beverly Park is scheduled for completion in January 2026. In addition to quality housing, the development aims for Green Certification and will feature an array of attractive amenities, including:

• Elevated swimming pool with a sundeck
• Gym facilities
• Community room for resident gatherings
• Structured parking for residents’ convenience

A dedicated NuRock management team will also be on-site to provide supportive services for residents and organize various community events, fostering a sense of belonging within the development.

Location and Community Impact

Strategically located at 6017 Washington Street, the Residences at Beverly Park can be found approximately 19 miles north of downtown Miami and about 15 miles southeast of Fort Lauderdale. The site is conveniently situated within walking distance of several retail options and recreational parks, enhancing the overall living experience for residents.

Addressing the Housing Crisis

Robby D. Block from NuRock emphasizes the importance of this project in tackling the affordable housing crisis affecting Hollywood and Broward County. The endeavor aligns with increasing demand for affordable units across the region.

Future Projects

In addition to the Residences at Beverly Park, NuRock is set to develop another affordable housing project called Residences at Foxcroft Cove, located less than six miles from the current site. This upcoming project aims to integrate 83 income-restricted units, further contributing to the local affordable housing supply.

Current Housing Landscape

As of July, more than 5,100 units categorized as fully affordable were already under construction in Greater Miami, representing 14.7% of the total housing development pipeline. In the first half of 2025 alone, around 1,610 units in fully affordable developments were completed, illustrating a significant improvement over the previous year’s figures. Similar projects, such as Wynwood Works with its 120 units, continue to emerge through partnerships like that of the Omni Community Redevelopment Agency.

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Additional Resources

• Multi-Housing News: NuRock Secures $38.7 Million for Affordable Housing Project
• Wikipedia: Affordable Housing
• Los Angeles Business Journal: Identifying New Affordable Housing Locations
• Google Search: Affordable Housing
• KOIN: Local Leaders Break Ground on Affordable Housing Complex
• Google Scholar: Affordable Housing
• Miami Herald: New Affordable Housing Developments
• Encyclopedia Britannica: Affordable Housing
• ReBusiness Online: EAH Housing Starts Construction of Affordable Housing Development
• Google News: Affordable Housing Projects