CREI Holdings Secures $76 Million to Develop Affordable Housing Community Near Miami

by Channing Hamilton

SWEETWATER, FLA. — CREI Holdings has secured a $67 million construction loan for the development of Li’l Abner III, a 328-unit affordable and workforce housing community in the Miami suburb of Sweetwater. Centennial Bank provided the financing. Yuleisy Montalvo of Centennial Bank arranged the financing internally. Attorney Manny Diner represented CREI in the loan transaction, and attorney Richard Barbara represented Centennial Bank

Li’l Abner III will comprise one eight-story building that will be situated adjacent to Li’l Abner I and II. Apartments will come in one- and two-bedroom layouts. Forty percent of units will be reserved for households earning 80 percent of the area median income. Additionally, 40 percent of units will be set aside for residents aged 55 and older. Planned amenities include a fitness center, lounge, central courtyard and storage facilities.

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