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Florida & Gulf Coast  + South Florida  + Finance  | 
The Opa-locka Community Development Corporaton has secured $25 million to refinance of an affordable multifamily in Opa-locka, FL.

Opa-locka Community Development Corporation Locks Up $25M Refi for Affordable Multifam

The Opa-locka Community Development Corporation has secured a $25-million bridge loan for the refinance of a 216-unit affordable multifamily property in Opa-locka, FL.

Baltimore, MD-based M&T Realty Capital Corporation provided the 70% LTV, three-year, fixed-rate structure loan that is followed by 30-years of amortization.

This property was officially renamed Mary Alice Brown Apartments, after a woman who has lived in the area for more than 70 years and is an advocate for her community and better housing for all.  Brown is a founding member of the OCDC’s board of directors.

“Opa-locka Community Development Corporation is proud to be able to preserve affordable housing properties, and our recent refinancing of Mary Alice Brown though a bridge loan with M&T allows us to accomplish that goal,” said Willie Logan, CEO of OCDC.

Mary Alice Brown Apartments is located near the junction of I-95 and Palmetto Expressway.

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Inside The Story

Opa-locka Community Development Corporation's Logan

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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