Greystone provides HUD-insured construction financing as part of $78 million affordable housing development project for seniors in Miami Beach

google street view council towers north
Google Street View image of Council Towers North

Real estate financier Greystone says it has provided a $30 million construction loan under the HUD 221(d)(4) program for the $78 million redevelopment of Council Towers Senior Apartment Homes, an age-restricted affordable housing community located in Miami Beach.

Council Towers comprises two, 12-story buildings located on Collins Avenue (at 5th and 10th Streets) in Miami Beach, with a total of 250 one-bedroom units with rental subsidy provided by HUD under a Project-Based Section 8 contract. The substantial rehabilitation of the property, which was originally constructed under HUD’s Section 202 program 40 years ago, will upgrade, preserve and continue to provide affordable housing for low-income seniors.

The redevelopment team will be led by Roland J. Broussard, vice-president of development for EHDOC, and Jason B. Duguay, vice-president of Stratford Capital Group Development (SCG), along with Larry Hecky, chief architect of The Hecky Group and Tom Morrissey, president of T. Morrissey Construction.

The planned timeline for tenant-in-place renovation is projected to take up to 20 months. In addition to exterior façade and common area renovations, individual units will have new kitchens installed with energy-efficient appliances, new bathrooms, decorative lighting, new flooring, new windows and sliders, new roof, complete elevator modernizations, and paint, resulting in a complete refresh for the existing 250 homes.

“Frankly, transformations such as this are hard to come by, but working with a team like Stratford Capital and Greystone having expertise in affordable housing, tax credits, and HUD-insured financing created an opportunity to provide incredible residences for a community that truly deserves it,” Broussard said in a statement.


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