CREI Lands $67M for Affordable Project
The development will add workforce housing to the Miami metro.
CREI Holdings has secured a $67 construction loan for Li’l Abner III, a 328-unit affordable housing development in the City of Sweetwater, Fla., near Miami. Centennial Bank provided the funds. Construction will begin in 2024’s second quarter, with delivery slated for 2026. The estimated construction cost is $83 million.
The property will rise eight stories and comprise one- and two-bedroom floorplans. Of the total number of residences, 40 percent will be reserved for households making up to 80 percent of the area median income, while the remainder will be restricted to individuals earning 120 percent of the AMI. Additionally, 40 percent of the project will be age-restricted for seniors of 55 and over.
All apartments will feature walk-in closets and in-unit washers and dryers. Common-area amenities will include a fitness center, storage facilities, a resident lounge and a central courtyard. Burgos Lanza Architects & Planners designed the project.
Located at 11239 NW 4th Terrace, the site is roughly 14 miles from downtown Miami and some 10 miles from the Miami International Airport. It is also within walking distance of the Dolphin Mall and the Miami International Mall. Li’l Abner III will be adjacent to its sister communities, the 87-unit Li’l Abner I and the 244-unit Li’l Abner II which came online in April 2023, as well as the 900-unit Li’l Abner Mobile Home Park.
Affordable housing development in Miami
As of the December 2023, there were 44,324 residential units under construction in South Florida, with 10 percent of them taking shape within fully affordable developments, according to a recent Yardi Matrix report. Throughout all of last year, developers broke ground on 19,267 units, keeping a high rate of construction, but slightly lower than in 2022, when work started on 22,017 residences.
Recently, Affiliated Development broke ground on a 223-unit workforce housing development in the metro. The $83 million project will rise 18 stories, and has multiple financing sources, including Bank United’s $45.5 million loan.
