Greystar has provided a $30 million construction loan under the HUD 221(d)(4) program for the $78 million redevelopment of Council Towers Senior Apartment Homes, an age-restricted affordable housing community located in Miami Beach, Fla.
Council Towers comprises two, 12-story buildings located on Collins Avenue (at 5th and 10th Streets) in Miami Beach, with a total of 250 one-bedroom units with rental subsidy provided by HUD under a Project-Based Section 8 contract. The substantial rehabilitation of the property, which was originally constructed under HUD’s Section 202 program 40 years ago, will upgrade, preserve and continue to provide quality affordable housing for low-income seniors (below 60 percent AMI) over age 62.
Sources of funding for this transformative project include the $30 million HUD-insured 221(d)4 loan from Greystone as well as Low-Income Tax Credit Equity, a Sellers’ Note, and Reserve Transfer. The non-recourse HUD-insured loan carries a 40-year t
