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

336-unit community sits on the site of the former Miami Marlins stadium

Aug.August 15, 2018 12:30 PM

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

Related Articles

Rendering of the Brickell hotel development, Tony Cho and Robert Finvarb

Finvarb and Cho land construction loan for mixed-use hotel near Brickell City Centre

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

South Florida firm, partner acquire Tampa office building for $29.4M

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Moishe Mana plans mixed-use project with logistics theme next to airport in Panama

Neiman Marcus CEO Geoffroy Van Raemdonck (Credit: Getty Images)

Struggling Neiman Marcus scores loan from Credit Suisse for Coral Gables store