St. Agatha Church Pays $37M for Miami Beach Senior Housing Complex
By Julia Echikson November 16, 2023 7:15 pm
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St. Agatha Catholic Church acquired an affordable housing complex for seniors in Miami Beach for $36.5 million, property records show.
The complex, called Stella Maris House, comprises 137 apartments at 8638 Harding Avenue, north of 86th Street, just two blocks west of the ocean in the North Beach neighborhood. Completed in 1985, the 101,483-square-foot building sits on 2.2 acres.
The property offers affordable housing to those over the age of 62 with a maximum income of $36,150 for singles and $41,300 for couples, according to the website of the seller, Christian nonprofit Catholic Housing Management.
Representatives for St. Agatha Catholic Church and Catholic Housing Management did not respond to requests for comment. It’s unclear when Catholic Housing Management acquired the property.
St. Agatha Catholic Church, a congregation based in University Park near Florida International University‘s campus, nabbed a $14.5 million acquisition loan from Centennial Bank. The loan is also backed by the U.S. Department of Housing and Urban Development (HUD).
Under the agreement, the not-for-profit church is required to make monthly payments of $3,425, according to mortgage documents.
Julia Echikson can be reached at jechikson@commercialobserver.com.
