The ownership plans to invest $9.7 million in renovations.
Construction is slated to begin in a matter of weeks.
The project is expected to set a record for a mixed-income, transit-oriented development in Miami-Dade County.
Greystone originated the 10-year, fixed-rate Fannie Mae DUS loan.
The second venture between MAG and Safanad will be developed under the Affordable NY Program.
The facility is the agency’s first for targeted affordable housing.
The new ownership has plans for strategic improvements and programming for the 297-unit portfolio.