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Matthew Rieger Of Housing Trust Group Secures $109 Million Loan For Development Site In Miami

Property Image
FINANCED
$109,000,000

Florida

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Development Site698,000 SF
Financed 02/11/2025
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Property Image
FINANCED

Matthew Rieger Of Housing Trust Group Secures $109 Million Loan For Development Site In Miami

2000 Northwest 3rd Avenue

See Similar Deals
Development Site698,000 SF
Financed 02/11/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$156
Total Square Footage:698,000 SF
Transaction Type:Loan

The asset involved is a development site located at 2000 Northwest 3rd Avenue in Miami, encompassing 698,000 square feet and situated on 10.4 acres. The construction loan secured amounts to $109 million, facilitating the development of a project that aims to provide affordable housing solutions in the region.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $109,000,000
  • Lender: KeyBank Real Estate Capital
  • Lender: J.P. Morgan Chase
  • Landlord: Matthew Rieger
  • Landlord's Company: Housing Trust Group (HTG)
  • Project Name: Rainbow Village
  • Total Project Cost: $288 million
  • Units in First Phase: 310
  • Completion Date: Early 2027
  • Rent Range for Low-Income Residents: $793 to $2,634 per month

The transaction sees Matthew Rieger, representing Housing Trust Group (HTG), driving the development forward with the aid of construction financing from KeyBank and J.P. Morgan, alongside public subsidies aimed at enhancing affordable housing availability in Miami's Overtown neighborhood.

Players

KeyBank
KeyBank
LENDER
J.P. Morgan Chase
J.P. Morgan Chase
LENDER

Details

FINANCED
IMAGE: Matthew Rieger DATE: 02/11/2025 ADDRESS: 2000 Northwest 3rd Avenue MARKET: Miami ASSET TYPE: Development Site ~ SF: 698,000 ~ ACRES: 10.4 LENDER: KeyBank Real Estate Capital (@KeyBank) & J.P. Morgan Chase (@JPMorgan) LANDLORD: Matthew Rieger (@RiegerMa)- Housing Trust Group (HTG) LOAN AMOUNT: $109,000,000 LOAN TYPE: Construction NOTE: Housing Trust Group broke ground on Rainbow Village, a $288 million affordable housing project in Miami’s Overtown, after securing $109 million in construction financing. The 310-unit first phase, funded by KeyBank, J.P. Morgan, and public subsidies, is set for completion in early 2027 with rents for low-income residents ranging from $793 to $2,634 per month.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$109,000,000.00

Monthly NOI$726,666.67
Monthly Debt Service$688,954.15
Change in Cash Flow$0.00
Refinance Proceeds$0.00