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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.
- ◦Financing
