Miami Stadium Apartments
Greystone provided a $36,000,000 HUD-insured permanent loan to refinance Miami Stadium Apartments, the affordable housing community built on the site of the former Miami Stadium. The transaction was originated by Eric Rosenstock of Greystone’s New York office.
Miami Stadium Apartments, a 336-unit affordable housing community and former home of the Miami Marlins minor league team, was converted to multifamily rental housing in 2002. Located at 2625 NW 10th Avenue, Miami Stadium Apartments is comprised of 100% affordable units. The FHA financing replaces a Fannie Mae loan and has a 35-year fully amortizing loan term with a low, fixed interest rate.
“Greystone’s knowledge of the HUD finance process, as well as the firm’s extensive experience in affordable housing and monitoring the rate environment for opportunities, were all critical to this deal’s success,” said property owner Lewis Swezy, President of Centennial Management. “Working with Eric and his team on this joint execution has been great, and I look forward to continuing to optimize my portfolio with the help of their expertise.”
“As the #1 Multifamily HUD lender in the country with 30 years of industry knowledge, Greystone’s resources provide a wealth of options for property investors looking to maximize their assets,” said Mr. Rosenstock. “Given that this is a fully affordable housing community, HUD enables underwriting the value of the asset using nearby market rate rents, as opposed to the property’s restricted affordable rental income, which was very beneficial on this transaction.”