Resia has closed on $60 million in construction financing for Resia Old Cutler, a 390-unit affordable apartment community in Miami, FL. PNC Bank provided the funding for the project, which will be made affordable to households up to 140% AMI.

Resia is donating five duplex townhomes (10 units) in the development to the Miami-Dade County Homeless Trust.

Resia Old Cutler’s eight, three-story garden-style buildings are located on Old Cutler Road and SW 107th Avenue alongside the Florida Turnpike. The property will offer one-, two-bedroom, and three-bedroom floor plans with assigned parking, business center, and two multipurpose clubhouses complete with two swimming pools and fitness center.

Resia (formerly AHS Residential) has the goal of delivering 8,000 new apartments annually by 2025.  The company seeks to address the US housing crisis by building quality apartments in growing metros where many renters are getting priced out by rising rents.