MRK Partners Secured Financing for Fort Lauderdale Project
The firm obtained $67 million to develop 164 affordable housing units on a 3.7-acre site.
Updated on Oct. 13, 2026 in Construction
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MRK Partners has secured $67 million in construction financing to replace 88 aging units with 164 new affordable residences in Fort Lauderdale. The development, located in the Progresso neighborhood, will house families earning between 30 and 50 percent of the area median income.
Why it matters
This project seeks to address the regional shortage of affordable rental housing, as Broward County previously reported having only 25 affordable homes per 100 families. The development preserves long-term affordability by operating under a Section 8 Housing Assistance Payments contract.
The financing consists of $50 million in tax-exempt debt and $17 million in taxable debt. The new 192,000-square-foot development will span two five-story buildings and include 173 surface parking spaces.
The players
MRK Partners
This real estate investment and development firm specializes in the acquisition and rehabilitation of affordable housing properties.
Berkadia
This commercial real estate company provides financing, investment sales, and mortgage banking services to developers.
The details
Berkadia provided the funding through its Private Placement Bond Program for the site acquired by an MRK Partners affiliate in June 2025. The project will replace structures built in the 1950s at 800 to 844 Northwest 11th Avenue.
Timeline
The original housing units at the site were built during the 1950s.
Broward County recorded 25 affordable homes per 100 families in 2022.
MRK Partners acquired the development site in June 2025.
A Fort Lauderdale committee considered the project plans in August 2026.
The current Section 8 contract extension remains in effect through 2046.
Market Landscape
This development addresses the persistent state-level housing crisis by scaling up density in an established urban core. The initiative mirrors a broader industry shift toward utilizing tax-exempt bond financing to maintain affordability in high-demand residential sectors.
This development will provide 164 income-restricted units, increasing housing availability for local families who qualify for assistance. The project ensures these residences remain affordable for the community for decades through a long-term Section 8 contract.
The takeaway
Affordable housing projects often rely on complex layering of taxable and tax-exempt debt to replace aging infrastructure. Residents can look for similar multi-family developments as cities prioritize higher-density zoning to tackle regional housing shortages.
Further reading
Learn more about local development trends at Fort Lauderdale Construction.
Source note: This article includes information reported by The Real Deal New York.
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