Broward HFA Weighs $46M Note for Falls at Bonaventure in Weston

The Housing Finance Authority of Broward County is set to issue up to $46 million in multifamily housing revenue notes for Falls at Bonaventure in Weston, financing the acquisition, rehabilitation and equipping of the 300-unit complex under a resolution on the Broward County Commission’s September 10 agenda.

Why it matters

This is what recapitalizing an affordable preservation deal actually looks like in Broward. Foundation for Affordable Housing and Spira Equity Partners closed on the property in February with conventional debt, a $28.6 million Freddie Mac loan arranged through Newmark and a $24.5 million loan tied to Spira, then came back to the county HFA seven months later for tax-exempt bonds to fund the rehab. Berkeley Point Capital, doing business as Newmark, returns as funding lender on the new note, the same relationship that underwrote the original acquisition loan. For anyone underwriting a preservation buy here, the split closing, conventional debt first and a county bond application as a distinct second event, is the structure to plan around rather than a single financing.

The numbers

The authorization covers up to $46 million across two notes: a senior 2026 Series A-1 note and a subordinate 2026 Series A-2 note. Citizens Bank, National Association is named subordinate lender, Raymond James and Associates is placement agent, and Bank of New York Mellon Trust Company is fiscal agent. Falls at Bonaventure is 300 units across two five-story buildings totaling 374,245 square feet at 201 Racquet Club Road. The buyers paid $50.5 million for the property in February, a deal that closed on $53.1 million in combined acquisition financing.

What’s next

The resolution comes before the full county commission at its September 10 regular meeting. Adoption clears the HFA to set final terms, price the notes and close, moving the property from bridge-stage acquisition debt into a permanent tax-exempt structure. For South Florida developers and nonprofits chasing preservation deals, the timeline between the February closing and this September bond application is the benchmark for how long a county HFA approval takes to line up behind a conventional purchase.