NuRock Cos. has secured a $38.7 million debt package for Residences at Beverly Park, a 115-unit affordable housing development in Hollywood, Fla., according to Yardi Matrix data.
CFM Architects designed the project, which is already underway. A NuRock subsidiary handles the general contracting and delivery is set for January 2026, Robby D. Block, partner at NuRock, told Multi-Housing News.
Regions Bank issued the funds—a $15.6 million construction loan, a $22.5 million bridge note and a $772,850 Freddie Mac loan, which is set to mature in 2027, the data provider shows. The project also qualified for 9 percent LIHTC after the local government had issued a $640,000 note in support of the tax credit application.
Residences at Beverly Park will rise 10 stories and comprise one- to three-bedroom units. The apartments, which are set to cater to residents earning up to 30, 60 and 80 percent of the area median income, will include energy-efficient features and modern finishes, Block added.
Aiming for Green Certification, the project will encompass a range of common-area amenities, such as an elevated swimming pool with a sundeck, gym, as well as a community room and structured parking garage, he continued. A NuRock management team will provide supportive services and organize community events for future residents.
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The development is at 6017 Washington St., about 19 miles north of downtown Miami and roughly 15 miles southeast of Fort Lauderdale, Fla. Several retail options and a park are found within walking distance.
“Residences at Beverly Park is going to bring much needed, high-quality affordable housing to the community. The truth is, the demand for affordable housing has outpaced new development, not just here in Hollywood, but across Broward County and the entire state,” Block told MHN.
“We recognize that 115 units won’t fix the housing crisis, but it will provide a safe, and stable place for 115 families to call home,” he continued. Seeking to further address the affordable housing challenges, NuRock is looking to build another such project less than 6 miles away. Last year, the developer filed plans for Residences at Foxcroft Cove, which is set to comprise 83 income-restricted units.
Miami’s affordable deliveries more than doubled
As of July, Greater Miami’s supply pipeline included more than 5,100 units under construction in fully affordable projects, making up 14.7 percent of the total, according to Yardi Matrix data. During 2025’s first half, developers completed approximately 1,610 units in fully affordable assets, a figure that more than doubled year-over-year, the same source shows.
One such affordable community is the 120-unit Wynwood Works. Developed by a joint venture of Omni Community Redevelopment Agency, Magellan Housing, Harmony Housing Affordable Development and Udonis Haslem Foundation, the property came online earlier this year.
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