CREI Holdings Secures $41M Loan For Affordable/Workforce Housing In Miami-Dade

CREI Holdings, a development firm, has secured a $41 million loan from Lument for the refinancing of Li’l Abner II apartments, completed in April 2023 in the city of Sweetwater.

The transaction closed December 29, led by Marc Suarez, a managing director at Lument.

Designed by Burgos Lanza Architects and Planners, an architectural firm based in Coral Gables, the 8-story building is situated adjacent to its 87-unit sibling, Li’l Abner I. Li’l Abner II consists of 244 one- and two-bedroom units dedicated to affordable and workforce housing. Among these, 40 percent cater to low-income seniors, while the remainder is allocated to residents earning up to 120 percent of the area’s median income. The building is close to full occupancy.

“We’re deeply appreciative of the dedication shown by Marc and the Lument team in finalizing this loan before the year’s end,” said Raul Rodriguez, Managing Member of CREI Holdings. “The creation of affordable and workforce housing has become increasingly challenging, and we extend our gratitude to Miami-Dade County for its crucial support, which has played a role in facilitating this refinancing. It is essential for both the public and private sectors to collaborate in addressing the affordable housing crisis. With each sector fulfilling its responsibilities, there’s no reason why we cannot overcome this challenge together.”

Renters and frontline workers are the hardest hit by Miami-Dade County’s shortage of affordable housing options, according to a new analysis of Census and employment data from the University of Florida’s Shimberg Center for Housing Studies. Most Miami-Dade households with incomes below $75,000 struggle with housing costs. Half of all households in the county are “cost-burdened,” meaning these individuals pay more than 30% of their income for housing, according to the UF data. This includes three-quarters of households with incomes below $75,000 per year.

In Miami-Dade, renters with modest incomes are the hardest hit. A total of 90% of renters with incomes below $50,000 are cost-burdened. The county has a gap of 90,181 affordable and available units for renter households with incomes below 80% of the area median income. This gap is projected to grow to nearly 116,000 units by 2030 unless affordable units are added, according to the UF report.