The Real Deal Miami

Miami Stadium Apartments developer scores $36M HUD-insured refi

336-unit community sits on the site of the former Miami Marlins stadium
August 15, 2018 12:30PM

Miami Stadium Apartments

Low-income and market-rate housing developer Lewis Swezy just closed on a $36 million refinancing of Miami Stadium Apartments in Miami-Dade County’s Allapattah neighborhood.

The 336-unit affordable housing community at 2625 Northwest 10th Avenue sits on the former site of the Miami Marlins stadium, built in 1949 and razed in 2001 to make way for apartments, which were completed a year later.

Eric Rosenstock, of New York City-based real estate lender Greystone, originated the loan insured by the U.S. Department of Housing and Urban Development. The FHA financing replaces a Fannie Mae loan and extends for 35 years with an unspecified fixed interest rate, according to a press release.

Swezy owns the real estate management company Centennial Management, which has a portfolio of industrial and affordable housing projects throughout Miami-Dade and Broward counties. He’s built apartment complexes in Miami Lakes, Naranja, Miami, Hialeah and Homestead.

Other stadiums that have been demolished in Miami-Dade include the Orange Bowl in Little Havana, which was home to the Miami Dolphins and the University of Miami Hurricanes football teams; and the Miami Arena in Overtown – the original home of the Miami Heat, which was demolished in 2008 and replaced by the AmericanAirlines Arena on Biscayne Bay. – Amanda Rabines