Berkadia Secures $67M in Financing for a New Affordable Housing Project in Fort Lauderdale, Florida
Fort Lauderdale, Florida – October 5, 2026 – Berkadia, a distinguished leader in the commercial real estate sector, announced today the financing of Federal Apartments, a new affordable housing project in Fort Lauderdale, Florida.
The redevelopment of Federal Apartments will replace aging 1950s-era housing with new, high-quality affordable homes designed to better serve residents and families. The project will also preserve and extend the property’s Section 8 Housing Assistance Payments (HAP) contract through 2046, supporting long-term affordability and housing stability for low-income households in a market where affordable housing remains in short supply.
Senior Managing Director Tim Leonhard and Senior Director Melissa Koppel of Berkadia Affordable Housing secured $67 million in construction to permanent financing on behalf of Boca Raton-based developer MRK Partners. Berkadia provided financing through its Private Placement Bond Program, comprising $50 million in tax-exempt debt and $17 million in taxable debt.
Prior to closing the construction to permanent financing, Berkadia also provided an acquisition bridge loan to support MRK Partners’ acquisition of the property while the permanent capital structure was being arranged.
“This transaction reflects a strong collaboration among MRK Partners and the City of Fort Lauderdale to advance much-needed affordable housing in the market,” said Leonhard. “By combining tax-exempt and taxable financing with the project’s rental-assistance and tax-credit structure, the team was able to create a tailored capital solution that supports the delivery of quality, long-term affordable housing for Fort Lauderdale residents.”
“It’s always exciting to have the opportunity to think creatively and bring a one-of-a-kind project like Federal Apartments to life. By bringing scattered-site housing together into one thoughtfully designed community, we’re able to create shared spaces that support connection and long-term stability,” said Sydne Garchik, President of MRK Partners. “Federal Apartments is a great example of what’s possible when the right partners come together with a shared commitment to expanding affordable housing. Working closely with Berkadia and the Housing Finance Authority of Broward County, we were able to structure a creative solution that preserves long-term affordability while delivering high-quality new housing for local families. We’re grateful for the opportunity to be part of this community and look forward to delivering a project that residents, neighbors, and everyone involved can be proud of.”
The financing will support the development of Federal Apartments, which will operate under a regulatory agreement and include a Section 8 HAP contract, Private Placement bonds, and 4% Low-Income Housing Tax Credits. Upon completion, the property will deliver 164 affordable housing units serving very low-income households earning between 30% and 50% of Area Median Income (AMI).
Berkadia Affordable Housing is a fully integrated financial services platform comprised of mortgage banking, investment sales, and tax credit syndication that delivers comprehensive investment solutions to clients across the country and distinguishes itself by pairing deep technical expertise and a wide array of product offerings with the drive and focus necessary to help clients grow their business.