The non-profit developer Preservation of Affordable Housing (POAH), led by Aaron Gornstein, has been awarded a $40 million federal grant from the US Department of Housing and Urban Development. This loan will be used to refinance the existing Cutler Manor, a 218-unit apartment complex located at 10875 Southwest 216th Street in Miami. The aim of this project is to expand the apartment complex into a mixed-income community with a total of 445 units, including affordable, workforce, and market-rate apartments. This initiative comes in response to the increasing demand for affordable housing in Miami-Dade due to the area's population growth.

Summary of transaction details

• Property Type: Multifamily
• Loan Amount: $40,000,000
• Loan Type: Refinance
• Lender: US Department of Housing and Urban Development
• Landlord: Preservation of Affordable Housing - Aaron Gornstein
• Address: 10875 Southwest 216th Street, Miami

This loan transaction involves the collaboration between POAH, led by Aaron Gornstein, and the US Department of Housing and Urban Development. The grant will enable the expansion of the Cutler Manor apartment complex, addressing the critical demand for affordable housing in Miami-Dade. By transforming the complex into a mixed-income community, this project aims to provide housing options for various income levels and contribute to the social and economic development of the area.