"CREI Holdings, a development firm, secured a $41 million loan from Lumen to refinance the Li’l Abner II apartments in Sweetwater. The 8-story building, completed in April 2023, features 244 one- and two-bedroom units dedicated to affordable and workforce housing, with 40 percent for low-income seniors and the rest for residents earning up to 120 percent of the area’s median income.
“We’re deeply appreciative of the dedication shown by Marc and the Lument team in finalizing this loan before the year’s end,” said Raul Rodriguez, Managing Member of CREI Holdings. “The creation of affordable and workforce housing has become increasingly challenging, and we extend our gratitude to Miami-Dade County for its crucial support, which has played a role in facilitating this refinancing. It is essential for both the public and private sectors to collaborate in addressing the affordable housing crisis. With each sector fulfilling its responsibilities, there’s no reason why we cannot overcome this challenge together.”
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