HCLC Regular Meeting - Mar 25, 2026
Meeting Intelligence Preview
Meeting Summary
The Miami Housing Commercial Loan Committee approved consent to sale and assumption of affordable housing loans for three Little Haiti properties (Lafayette Square at 150 NE 79th St, Lafayette Plaza at 155 NE 78th St, and Emerald Terrace at 244 NW 72nd Terrace) being acquired by Starwood Capital Group affiliates from Gatehouse Group, with new CBRE Freddie Mac financing totaling approximately $60.8 million. The committee also approved subordination requests for Casa Valentina (3121-3173 Mundy Street) and timeline extensions for Dulce Vita (1785 NW 35th St) and View 29 (2901 NW 2nd Ave) projects.
Key Decisions (7)
Lafayette Square Sale and Loan Assumption
Approved consent to sale and assumption of $949,938 HOME loan and $1,050,062 CDBG loan for Lafayette Square, a 19-story 160-unit multifamily building at 150 NE 79th Street in Little Haiti, from Gatehouse Group to GH Lafayette Square LP (Starwood Capital affiliate). New CBRE Freddie Mac first mortgage of $22,312,500 approved. 11 HOME-assisted units and 149 CDBG-assisted units with affordability period through October 2035.
Lafayette Plaza Sale and Loan Assumption
Approved consent to sale and assumption of $1,166,570 Affordable Housing Trust Fund loan for Lafayette Plaza, a 14-story 136-unit multifamily building at 155 NE 78th Street in Little Haiti, from Gatehouse Group to GH Lafayette Plaza LP (Starwood Capital affiliate). New CBRE Freddie Mac first mortgage of $20,002,500 approved. All units are AHTF-assisted with affordability period through July 2042.
Emerald Terrace Sale and Loan Assumption
Approved consent to sale and assumption of $725,000 HOME loan and $338,580 Affordable Housing Trust Fund loan for Emerald Terrace, a 10-story 124-unit multifamily building at 244 NW 72nd Terrace in Little Haiti, from Gatehouse Group to GH Emerald Terrace LP (Starwood Capital affiliate). New CBRE Freddie Mac first mortgage of $18,004,500 approved. 11 HOME-assisted units with remainder AHTF-assisted.
Casa Valentina Subordination
Approved subordination of $2,000,000 ARPA loan and $450,000 Miami For Everyone program funds for Casa Valentina project by DFI Monday LLC (Dragonfly Investments) at 3121-3173 Mundy Street in West Grove. US Century Bank providing $1,814,646 first mortgage. Project will deliver 8 three-bedroom units (4 per lot) at 80% AMI blended with 30-year affordability covenant. Permit to be pulled same day.
Dulce Vita Timeline Extension
Approved extension for Dulce Vita Apartments LLC at 1785 NW 35th Street in Allapattah. Construction completion extended from 12 to 24 months; project completion extended from 30 to 36 months. 8-story mixed-use development with 227 units (91 at 60% AMI, 79 at 100% AMI, 29 at 120% AMI). Construction began January 2025.
View 29 Updated Senior Financing
Approved updated senior financing for View 29 project by 2901 Wynwood LLC at 2901 NW 2nd Avenue in Wynwood. 12-story 116-unit mixed-use development with 36 city-assisted units at 33-60% AMI. Project received $2,750,000 ARPA funds (2023) and $1,500,000 HOME funds (September 2024). Developer New Urban Development LLC cited construction cost inflation, higher debt financing costs, and soft cost escalation.
Gallery at Loomis Park Updated Senior Financing
Approved updated senior financing for Gallery at Loomis Park LLC at 395 NW 1st Street downtown. 28-story 257-unit residential building with 80 city-assisted units at 80-120% AMI. Project received $3,000,000 ARPA funds. RAD contract with county wait list for lower-income units. Related Urban is developer with $6.5 million equity investment. Total project cost approximately $116 million.
Development Activity (7)
Lafayette Square
19-story multifamily building with 160 units (11 HOME-assisted, 149 CDBG-assisted). New first mortgage of $22,312,500 from CBRE Freddie Mac.
Lafayette Plaza
14-story multifamily building with 136 units (22 one-bedroom, 64 two-bedroom, 53 three-bedroom). All units AHTF-assisted. New first mortgage of $20,002,500 from CBRE Freddie Mac.
Emerald Terrace
10-story multifamily building with 124 units (11 HOME-assisted, remainder AHTF-assisted). New first mortgage of $18,004,500 from CBRE Freddie Mac.
Casa Valentina
8 three-bedroom two-bath units (4 per lot, approximately 1,300 sq ft each) at 80% AMI blended. Total project cost $3.3 million. Includes historic coral rock house preservation for adaptive reuse as lobby vestibule. Permit to be pulled same day.
Dulce Vita
8-story mixed-use with 7-story parking garage. 227 units total: 70 studios, 128 one-bedrooms, 29 two-bedrooms. 91 units at 60% AMI, 79 at 100% AMI, 29 at 120% AMI. 170 city-assisted units. 195 parking spaces. Construction began January 2025.
View 29
12-story 116-unit development: 48 one-bedrooms, 58 two-bedrooms, 10 three-bedrooms. 36 city-assisted units at 33-60% AMI. Site acquired 2022, currently vacant/parking lot. Closing expected within two weeks.
Gallery at Loomis Park
28-story 257-unit residential building: 42 studios, 128 one-bedrooms, 87 two-bedrooms. 80 city-assisted units at 80-120% AMI. RAD contract for lower-income units. 195 parking spaces. Total project cost approximately $116 million with $6.5 million developer equity.
Market Signals (5)
Housing Demand
Starwood Capital Group, described as the largest reported owner of affordable housing in the country, is actively acquiring Miami affordable housing portfolios, indicating strong institutional investor interest in the sector.
Commercial Demand
Wynwood area south of 2901 NW 2nd Avenue described as 'buzzing with all types of development,' with View 29 likely to be the last affordable housing project in Wynwood proper.
Infrastructure
Construction cost inflation, labor shortages, supply chain issues, and higher debt financing costs are materially affecting project viability, with developers citing tariff impacts on construction GMP costs.
Sentiment
Board member expressed concern that city affordable housing investments at 80-120% AMI may be too high given Live Local Act incentives for workforce housing, suggesting future focus should target deeper affordability below 80% AMI.
Housing Demand
Miami Homes for All reports 'soaring demand' for shared housing configurations among lower-income residents, elders, and youth, driving interest in three-bedroom units that can accommodate roommates.