MIAMI BEACH, FL—The Elderly Housing Development and Operations Corp. has secured a $30 million construction loan under the HUD 221(d)(4) program for its $78 million redevelopment of Council Towers Senior Apartment Homes, an age-restricted affordable housing community here. Greystone originated the transaction, led by SVP Jon Morales.
Council Towers comprises two, 12-story buildings located on Collins Avenue, with a total of 250 one-bedroom units with rental subsidy provided by HUD under a Project-Based Section 8 contract.
The rehabilitation of the property, which was originally constructed under HUD's Section 202 program 40 years ago, will continue to provide quality affordable housing for low-income seniors (below 60% AMI) over age 62.
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Sources of funding for this project include the $30 million HUD-insured 221(d)4 loan from Greystone as well as low-income tax credit equity provided by Stratford Capital, a sellers' note, and reserve transfer. The non-recourse HUD-insured loan carries a 40-year term at a fixed, low interest rate.
"Preserving and providing high-quality affordable housing for seniors in Miami Beach is a priority for us, and orchestrating a Section 202 rehabilitation into a stunning community with unparalleled ocean views will deliver a needed respite for our residents," said Steve Protulis, president and CEO of EHDOC, in prepared remarks.
The planned timeline for tenant-in-place renovation is projected to take up to 20 months.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
