Centennial Bank Provides $67M Construction Loan For Li'l Abner Affordable Housing

The Development Site located at 11239 Northwest 4th Terrace in Sweetwater, Florida, is set to undergo construction for the third phase of the Li'l Abner affordable-housing property. Centennial Bank has provided a $67,000,000 construction loan for the project, with CREI Holdings as the landlord. The eight-story building will feature 328 units targeting tenants aged 55 and older, as well as individuals earning up to 120 percent of the area's median income.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $67,000,000
• Address: 11239 Northwest 4th Terrace
• Market: Sweetwater
• Lender: Centennial Bank
• Landlord: Raul Rodriguez - CREI Holdings
• Loan Type: Construction Loan

Centennial Bank's provision of the construction loan for the third phase of the Li'l Abner affordable-housing property in Sweetwater, Florida, is a significant step in the development process. The involvement of CREI Holdings as the landlord underscores their commitment to providing quality housing options for older tenants and individuals with moderate incomes. This deal reflects the ongoing efforts to address the housing needs of diverse demographic groups within the Sweetwater community.