CREI Holdings Lands $110M to Refi Developable Miami-Dade Mobile Park
Early redevelopment plans include a range of uses including senior and workforce housing and a K-12 school
By Julia Echikson December 12, 2024 1:53 pm
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CREI Holdings secured $110 million to refinance a 94.5-acre mobile home park in Sweetwater, Fla., near the outer edge of Miami-Dade County.
The loan from Centennial Bank covers Li’l Abner Mobile Home Park at 11033 Northwest Second Terrace, near the intersection of the Florida Turnpike and Dolphin Expressway, south of the Dolphin Mall. The mobile home park is slated to be redeveloped.
While still in the early stages, development plans include senior affordable and workforce housing, a K-12 school, a health care facility, a community center and a park, according to a representative for CREI Holdings.
The loan “reinforces a shared dedication to advancing impactful projects that address South Florida’s pressing needs while driving meaningful community growth,” J.C. de Ona, the president of Centennial Bank’s Southeast Florida division, said in a statement.
The spokesperson for CREI Holdings declined to say how many people currently live in the mobile home park. Residents of about 900 mobile homes will have to vacate by next May, according to CBS News Miami.
Founded in 1982 and led by Raul F. Rodriguez, CREI Holdings specializes in affordable and workforce housing development in Sweetwater. The mobile home park surrounds CREI Holdings’ other Li’l Abner properties, which include the 87-unit Li’l Abner I building completed in 2013, and the 244-unit Li’l Abner II building that opened last year.
In March, the Miami-based developer nabbed a $67 million loan, also from Centennial Bank, to build a third affordable housing complex for seniors, which will include 328 apartments, all of which will be priced below market rate.
Julia Echikson can be reached at jechikson@commercialobserver.com.
