CDT Partner: Southport Financial Services
CDT Investment: $4,800,000
Marina Bay is a 192-unit property situated south of West Palm Beach in the Lantana neighborhood, and serves senior (55+) and family residents at 28%-60% of AMI. Affordable rents are substantially advantaged to market rents. Property amenities include a swimming pool, a playground, fitness center, computer and business center, and a clubhouse. Units include patios and balconies, washer/dryer connections, central AC, and aluminum windows.
CDT invested $4.8mm as an 80% investor member the joint venture with Southport. Total acquisition cost was approximately $17mm, and the property was acquired with an existing FHA mortgage assumed by our partnership. Additional financing consisted of a SAIL program loan from the Florida Housing Finance Corporation. Marina Bay serves low and extremely-low income residents with comparable market rents substantially above rents those offered at the property. Southport and CDT invested over $800,000 in upfront capital improvements. This investment secures quality affordable housing for hundreds of seniors in a rapidly growing sub-market.