Miami Community Lands $36M Refi

Miami Stadium Apartments

Centennial Management has secured $36 million to refinance Miami Stadium Apartments, a 100 percent affordable housing community that was built on the site of the former Miami Stadium. Greystone arranged the HUD-insured permanent loan on behalf of the owner, Lewis Swezy, president of Centennial. 

Located at 2625 NW 10th Ave., the 336-unit community offers one-, two- and three-bedroom apartments ranging from 649 to 1,082 square feet. Comprising 14, three-story buildings, the property was converted to multifamily housing in 2002. The FHA financing replaces the previous Fannie Mae loan and offers a 35-year fully amortizing loan term with a low, fixed interest rate. Interior features include washer/dryers, above standard ceiling heights and private balcony/patios. Residents have access to amenities including:

• fitness center
• business center
• clubhouse
• volleyball court
• playground
• swimming pool
• laundry facilities
• 538 parking spots

“Contributing to the preservation of affordable housing around the country is a primary mission for Greystone, and we are thrilled to have helped Mr. Swezy secure long-term, low rate financing for Miami Stadium Apartments,” Eric Rosenstock, vice president at Greystone who originated the transaction, told Multi-Housing News. 

Earlier this month, Greystone provided a $77 million Fannie Mae DUS loan to Bayshore Properties to refinance Park West Apartments, a 1,337-unit community in Griffith, Ind.

Image courtesy of Greystone