Metro Miami Affordable Community Gets $25M Refi
M&T Realty Capital Corp. provided the three-year, fixed-rate loan.
M&T Realty Capital Corp. has provided $25 million in refinancing for Mary Alice Brown Apartments, a 216-unit fully affordable multifamily community in Opa-Locka, Fla. The three-year, fixed-rate bridge loan has a 30-year amortization period.
Opa-locka Community Development Corp. is the owner of the property, previously known as Aswan Village Apartments. CEO Willie Logan, said in prepared remarks that the loan will be used to make improvements to the community, keeping it desirable for families.
Mary Alice Brown encompasses 14 buildings with two- and three-bedroom units, ranging between 839 and 1,082 square feet, according to Yardi Matrix. Common-area amenities consist of a clubhouse, a fitness center, a volleyball court, a playground and laundry facilities. In-unit amenities include washer and dryer hookups, air conditioning, hardwood floors and private patios or balconies. The gated community also comprises wheelchair-accessible rooms.
Located at 2888 NW 132nd St., the property is near Interstate 95, with downtown Miami less than 12 miles south. Several dining options, retail spaces and entertainment venues can be found in the proximity, such as Miami Watersports Complex and Dezerland Action Park Miami. North Shore Medical Center, Hialeah Hospital and Jackson North Medical Center are within a 4-mile radius from the community.
Earlier this month, M&T Realty, in partnership with Ziegler, secured a $19.4 million Fannie Mae loan for a 81-unit senior housing community in Lakewood, Colo. The fixed-rate, 10-year note has five years of interest-only payments, followed by a 30-year amortization period.