Berkadia Arranges Refi For Workforce Housing Community In Miami’s Little Havana Neighborhood

Berkadia has secured a $17.8 million loan on behalf of Rental Asset Management (RAM) to refinance RAM Miami River North – a 96-unit apartment community located in the Little Havana section of Miami.

Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler, Brad Williamson and Matt Robbins, and Vice President Hugo Hernandez of Berkadia Miami and Boca Raton secured the financing on behalf of RAM, an Oakland Park-based multifamily owner/operator that acquired the property in 2022.  Berkadia also arranged the original acquisition loan then through Amerant.

The five-year, fixed-rate Fannie Mae loan offers a three-year interest-only period and a 35-year amortization schedule.

“Almost three-quarters of the units at RAM Miami River North offered rents at 120% of the area median income, allowing it to qualify for Fannie Mae’s affordability program, which offers competitive pricing and amortization,” explained Robbins.

Located at 590 West Flagler Street, RAM Miami River North is a three-story property built in 2022 that includes one- and two-bedroom units averaging 650 square feet. Amenities include a pool, fitness center, and package service center. It is located close to Marlins Park, Brickell, Downtown Miami, Coconut Grove, and Coral Gables, and just 20 minutes from Miami Beach and 10 minutes from Miami International Airport.