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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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.
