Centennial Management Lands $20M Refi for Miami-Area Affordable Community
- Nov 13, 2020
Centennial Management has received a $20 million HUD-insured loan to refinance Pembroke Park Apartments, a 244-unit affordable housing community in Pembroke Park, Fla. Greystone provided the Section 223(f) financing with a 35-year term and a low, fixed rate. According to Yardi Matrix information, Centennial previously financed the property in 2011, with a $13 million Fannie Mae loan from JLL.
Pembroke Park Apartments occupies almost 11 acres at 3700 SW 52nd Ave. The 1999-completed community consists of 17 two-story buildings with one- to three-bedroom floorplans averaging 838 square feet. Amenities include a clubhouse, fitness center, swimming pool and on-site parking.
The property is some 18 miles north of downtown Miami east of U.S. Route 441, equidistant from Interstate 95 and Florida Turnpike. The surrounding area has several parks, recreational facilities and shopping options, with County Square Shopping Center located roughly 1 mile southwest.
Greystone Managing Director Eric Rosenstock originated the financing on behalf of the borrower. In June, Rosenstock partnered with Managing Director Dan Sacks in originating a $14 million FHA-insured loan for a 174-unit community in Crown Point, Ind.