Affordable Miami Lakes Property Lands $24M Refi
- Oct 31, 2018
Country Club Villas II, the second phase of a 430-unit affordable housing property in Miami Lakes, Fla., has received a $24 million HUD-insured loan. Greystone worked on behalf of the owner of the 18-building asset, Centennial Management.
The deal comes just a few months after the real estate lending, investment and advisory company arranged a similar loan for another Centennial property.
Located at 6855 N.W. 179th St., Country Club Villas provides easy access to Interstate 95 and is roughly 18 miles from downtown Miami. According to Yardi Matrix data, the community features one- to three-bedroom units built in two phases between 2000 and 2002. Amenities include:
- volleyball court
- two swimming pools
- 822 parking spaces
The Federal Housing Administration financing replaces a $22 million Fannie Mae loan originated by JLL in 2011 and has a 35-year fully amortizing loan term with a low, fixed interest rate. “With the incredible terms for HUD-insured loans—low, fixed rates and long terms—it’s a fantastic option for investors that focus on permanent holds in their portfolio,” said Eric Rosenstock, vice president of Greystone’s New York office.
Image courtesy of Yardi Matrix