What's Happening?
Berkadia has successfully arranged a $17.8 million refinancing deal for RAM Miami River North, a workforce housing community in Little Havana. The loan, secured on behalf of Rental Asset Management, is a five-year, fixed-rate Fannie Mae loan with a three-year
interest-only period and a 35-year amortization schedule. This refinancing supports RAM's efforts to maintain affordable housing options, with nearly three-quarters of the units offering rents at 120 percent of the area median income. The property, built in 2022, features modern amenities and is strategically located near key Miami attractions.
Why It's Important?
The refinancing deal is crucial for sustaining affordable housing in Miami's Little Havana neighborhood, a region known for its cultural significance and economic challenges. By securing competitive financing terms, RAM can continue to offer affordable housing options, contributing to the area's economic stability and community development. This move aligns with broader efforts to address housing affordability in urban areas, highlighting the role of financial institutions in supporting community-focused real estate projects. The deal also reflects the growing demand for workforce housing in major cities.
