CREI Raises $67M to Build Affordable Senior Housing in Suburban Miami
By Julia Echikson March 26, 2024 5:35 pm
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CREI Holdings secured a $67 million loan from Centennial Bank to build a third affordable housing complex for seniors in Sweetwater, Fla., the Miami-based developer announced.
Called Li’l Abner III, the development will house 328 apartments, all of which will be priced below market rate. Forty percent will be designated for those earning 80 percent of the area median income and the remaining 60 percent will cater to those earning 120 percent of AMI. Nearly 40 percent of residences will be reserved for those 55 or older.
The total cost of the eight-story development is pegged at $83 million. Construction is set to begin in the second quarter of 2024, with completion anticipated in the second quarter of 2026.
Yuleisy Montalvo, senior commercial loan officer at Centennial Bank, orchestrated the transaction alongside attorney Richard Barbara. Attorney Manny Diner represented CREI.
Li’l Abner III will be located on a 2.1-acre site in Sweetwater at 455 NW 114th Avenue, south of the Dolphin Mall near the junction of the Dolphin Expressway and Ronald Reagan Turnpike.
The development will be nestled between CREI’s other properties, which include the 87-unit Li’l Abner I, which was completed in 2013, and the 244-unit Li’l Abner II building, which opened just over a year ago. CREI refinanced the latter property with $41 million from Lument in December.
In another South Florida workforce housing loan that closed last week, Affiliated Development raised $46 million from Bank United to build an 18-story development with 223 units in Hollywood.
Julia Echikson can be reached at jechikson@commercialobserver.com.
