Greystone Provides $30M Financing for Redevelopment of Council Towers Affordable Community in Miami Beach

MIAMI BEACH, Fla. — Greystone has provided a $30 million HUD loan for the renovations at Council Towers Senior Apartment Homes, an age-restricted affordable housing community in Miami Beach.

Council Towers comprises two 12-story buildings with a total of 250 one-bedroom units. HUD provides rental subsidies 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 affordable housing.

Apartments are restricted to seniors over age 62 making up to 60 percent of the area median income.

The borrower is Elderly Housing Development and Operations Corp. (EHDOC). The total development costs for Council Towers are estimated at $78 million.

Sources of funding for this transformative project include the $30 million HUD-insured 221(d)4 loan from Greystone as well as Low-Income Housing Tax Credit equity, a sellers’ note and reserve transfer. The non-recourse, HUD-insured loan carries a 40-year term at a fixed interest rate.

Partners on the redevelopment include Stratford Capital Group Development, The Hecky Group and T. Morrissey Construction. The project is projected to take up to 20 months.