[{"_1":2,"_109":-5,"_110":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87,98],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6682423,"mediaKeyId","2388922-be3779597bdf1bdb16904ed285b7a27f","parentId",2388922,"title","Committee backs $4.21 million GOB allocation for Grand Bahamas Place homeownership project in Coconut Grove","audioSeconds",859,"startMs",5191000,"endMs",6050000,"viewUrl","/Search/View?dp=1&key=2388922-be3779597bdf1bdb16904ed285b7a27f&start=5191&end=6050","thumbnailUrl","https://assets.pipeline.soar.com/2388922-be3779597bdf1bdb16904ed285b7a27f/thumbnail_5191000.jpg","articleUrl","/articles/6682423/Miami/Miami-Dade-County/Florida/Committee-backs-421-million-GOB-allocation-for-Grand-Bahamas-Place-homeownership-project-in-Coconut-Grove","mediaUrl","https://secure.pipeline.soar.com/6682423-b48603bc67c91372f4dd3c16918011dd/orig.mp4?Expires=1775548605&Signature=G6rLu5FqOvuse6JJ0Fj78O4Xo9Hxp7Xq7o-ja5b08T~HWhqauZsUJO-3iO~DpWg5iuXDhWTM4yJcNAZqwUp-JMIhtgifrcjzZPLmSLtuXjlVSWFhTWccxDzgQKcL3WZw8Nq4ke03vppb5s5aX51j9ZJKUaeH6D~wadWDlx6vxW5CR5g5vZfecUKQcgH8qliK9~h5yMtYJE4vSPrjLkDx-~0bvZjBPmXrzmvHC2unU-M08vNG2zufHI9sjdL81XknTiSfrCjizratpAMW6LMLqMl570xFnyJOtmfUKR2OcD8kkQfL8u6cajp~NHFsUWyIM7lXzmb8AlqHTnuYsCIacQ__&Key-Pair-Id=KUT5TJCACFTXG","author","City of Miami, FL","date","2025-02-25T08:52:00Z","article","The Housing and Community Loan Committee voted to recommend allocating up to $4,210,000 in Miami Forever general obligation bond (GOB) funds to Grove Prosperity Partners LLC to support development of the Grand Bahamas Place condominium project in Coconut Grove.

Staff said the project, to be assembled from three lots in Coconut Grove, will deliver 56 micro condominium units targeted to homebuyers earning up to 80% of area median income (AMI). In staff’s presentation the City’s GOB commitment would be deployed during construction and would serve as acquisition/construction financing and later be used as pass‑through down‑payment assistance of approximately $75,000 per unit. The development team expects total development costs of about $21.3 million and an estimated per‑unit cost of $379,780.

Prospera Real Estate Collective founder and CEO Ellen Buckley, the project’s managing partner, said the units will be condominiumized for homeownership and that the city funds will “run with the property” as deferred‑interest secondary mortgages that will be forgiven after 30 years if buyers remain in the units. Buckley described transit access and neighborhood improvement investments near Grand Avenue as project benefits.

Committee members asked about underwriting, buyer income targeting and protections in case of default or owner transfer. Staff said the down‑payment assistance would be structured as deferred‑interest mortgages recorded against individual units and that standard loan servicing and assumption provisions would apply, with efforts to keep units affordable for up to 30 years.

The committee moved to approve the staff recommendation and voted in favor. Staff noted the project will be subject to the conditions and underwriting requirements recorded in the HCD memorandum and that construction bonds and other standard development safeguards will be required before construction begins.","mediaType","Video","parentTitle","City of Miami, FL - Housing & Commercial Loan Committee Meeting (HCLC) - Feb 25, 2025","oneSentenceSummary","The committee recommended allocating up to $4.21 million in Miami Forever GOB funds to Grove Prosperity Partners LLC for a 56‑unit micro‑condo homeownership project restricted to buyers at or below 80% AMI in Coconut Grove’s Grand Ave area.","taxTitle","Miami, Miami-Dade County, Florida","taxId",2890,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6682428,"Committee approves contract benchmark extensions for Platform 3750 (Frank E. Shannon Center)",191,288000,479000,"/Search/View?dp=1&key=2388922-be3779597bdf1bdb16904ed285b7a27f&start=288&end=479","https://assets.pipeline.soar.com/2388922-be3779597bdf1bdb16904ed285b7a27f/thumbnail_288000.jpg","/articles/6682428/Miami/Miami-Dade-County/Florida/Committee-approves-contract-benchmark-extensions-for-Platform-3750-Frank-E-Shannon-Center","https://secure.pipeline.soar.com/6682428-0d44c4d7eeab704dd776f4b0f71365f2/orig.mp4?Expires=1775548605&Signature=hJuvrqX~f7~kgN9LQBYEeeqETqqvF8sMUwfo9gDBejYtiKCJ6ZQqqrwk7T0z48Bhgf2WPoaRrrhKohOfoeQ1knIg~q6av1wrk4uPLOWmarFZRuBf8hZErVBly1pngY9OM5Dz3jbgq98MJxXVkOESvntZyAJKQYE2NJBV3cLm8EItMPv17tgnak7YOU7GllPPC0npEMR24ijZeD6Lyp-R7eYGnVfutmA6DJo~7OYupETp4pSv2UKDVsawe-kOEcxvU-2S023y9Pw101HoMXaa9LlbdYgPeJ6lObJsPLc5niOAZkNZqqciAF3nbxmS6AxNCxuUVWhNn7VG5mTm09XHVQ__&Key-Pair-Id=KUT5TJCACFTXG","The Housing and Community Loan Committee approved an administrative request to extend contract benchmark dates for Platform 3750 LLC related to the Frank E. Shannon Center project, a completed eight‑story mixed‑use building at 3750 South Dixie Highway.

Housing Development Coordinator Alberto Cacion told the committee the item was purely administrative because construction is complete and the project is leased. He said benchmark changes requested by the borrower move the construction completion date from Jan. 11, 2022, to Oct. 19, 2023, and the project completion date from July 11, 2023, to Sept. 30, 2024, reflecting delays caused by general contractor performance, a contractor default and a surety takeover. Cacion said final certificate of occupancy was obtained Oct. 19, 2023, and project close‑out was completed Sept. 26, 2024.

Cacion also described project financing and affordability: the 191‑unit building includes 79 city‑assisted units, 25 of which are also assisted with HOME funds; the remaining 112 units are market rate. He said the borrower is Platform 3752 LLC, a Florida limited liability company formed for development, and that the project is a joint venture of the Cornerstone Group and the Urban League of Greater Miami.

A motion to accept the departmental recommendation passed by voice vote. Committee members offered congratulations to staff and the project team for the project’s successful completion despite delays.","The committee approved staff’s administrative recommendation to extend construction and project completion benchmarks for Platform 3750 at the Frank E. Shannon Center after the project was completed and leased.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":42,"_43":90,"_45":91,"_47":92,"_49":93,"_51":94,"_53":95,"_55":56,"_57":58,"_59":96,"_61":62,"_63":64,"_65":97,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6682431,"Committee consents to Tuscan View refinancing after neighborhood correction to Overtown",503000,1362000,"/Search/View?dp=1&key=2388922-be3779597bdf1bdb16904ed285b7a27f&start=503&end=1362","https://assets.pipeline.soar.com/2388922-be3779597bdf1bdb16904ed285b7a27f/thumbnail_503000.jpg","/articles/6682431/Miami/Miami-Dade-County/Florida/Committee-consents-to-Tuscan-View-refinancing-after-neighborhood-correction-to-Overtown","https://secure.pipeline.soar.com/6682431-1499881f02d5a23e2d4191fd6c0d6938/orig.mp4?Expires=1775548605&Signature=YD2Ul1~DI2XtSs3kln5T1VChoEwhvtEzFvAKZ4gnLevkvcPQ8mkJSJz5kR5HAU2NAK8w0iGF3a8N2O5lv8eWnC3k3oZe0rEEJBExtM~IiiQVr~J6ZmevSjOwbOquLdPHA~wEmEaTaYP4jDlHzWW9kTIKux2cJGnzz9kneC4I70hOmyTo6Y5D2QbjbieNkLvIkH-L1ql0Kgc62nLX8htZZoC4ibHFcGjOvDMPdQ4L~PlOzt9zMWVwm0Dk1OJchIDNHAuChT8m7lv0RqRiV~tPOO2zAnchidyLLqN-fNivfdvwP8Q8PM4~vlDdteHY4sdGkhkp6241rI-AgdJzSWNIVw__&Key-Pair-Id=KUT5TJCACFTXG","The Housing and Community Loan Committee approved staff’s recommendation to consent to a refinancing for Tuscan View Apartments and to subordinate the City’s CDBG loan to a new senior lender, after staff corrected an error in the project memo that misidentified the neighborhood.

Staff described Tuscan View as a 175‑unit rental project with 89 city‑assisted units; 1,500,000 in CDBG funds are currently subordinate to an existing senior loan. The borrower asked the committee to consent to a new senior loan of $3,900,000 from CBRE Multifamily Capital and to modify the city loan’s maturity date so subordinate loans are coterminous with the new financing.

During discussion, a committee member raised a concern that the staff memo listed the neighborhood incorrectly as Allapattah. Contract analyst Maria So confirmed the correct neighborhood, saying, “It is Overtown.” The committee directed staff to correct the memo and to confirm the advertised agenda language was not materially misleading.

Bailey Spade, representing the borrower’s counsel, declined to address neighborhood questions and deferred to staff on location details. Staff noted the new senior loan would pay off the existing first mortgage, cover replacement HVAC costs and transaction costs, and would not generate net proceeds for the project partners.

The committee voted to approve the staff recommendation for consent and subordination, with the motion carried after the memo was corrected to reflect Overtown. A roll‑call vote was taken for the approval of the corrected package; the committee recorded the motion as passed.","The committee approved consent and subordination for Tuscan View Apartments' refinancing with conditions and directed staff to correct a memo that misidentified the project's neighborhood as Allapattah, confirming it is in Overtown.",{"_33":99,"_35":36,"_37":38,"_39":100,"_41":101,"_43":102,"_45":102,"_47":103,"_49":104,"_51":105,"_53":106,"_55":56,"_57":58,"_59":107,"_61":62,"_63":64,"_65":108,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6682435,"Housing Trust Group refinancing approved after committee seeks partial paydown and reserves funding",0,1308000,"/Search/View?dp=1&key=2388922-be3779597bdf1bdb16904ed285b7a27f&start=1308&end=1308","https://assets.pipeline.soar.com/2388922-be3779597bdf1bdb16904ed285b7a27f/thumbnail_1308000.jpg","/articles/6682435/Miami/Miami-Dade-County/Florida/Housing-Trust-Group-refinancing-approved-after-committee-seeks-partial-paydown-and-reserves-funding","https://secure.pipeline.soar.com/6682435-49fa806ae37441c5acbd4e17800d9e86/orig.mp4?Expires=1775548605&Signature=GOP1hOx7YVFMC6j-sDJHMmn~9TZbEyE8I5OPeyLEnaJyHNxXP1A8TU5ysbkzN0lcTntHq3ZDm3n4M7fmSIeS7d4kkbv87VsKjS-bn4veVxRvjBO7~-dOrPk5r9nySNJkNpyttasbP9wL2JkduDJw84GdtAXhsgFtrwZq71CutSCs0~EoEHnCXqmmfsEQQ-0L64nvEsGCkGzILlmRJwaJWX2n~OIge1iiULPJyoetq69aFj638AHPtmfARG~WUuJb2Hxjcox7KnCjcZWk802urOG5DNoHHMK3u~p8mPCuS8QXRxvkFvML45eunKpuh-zfxZEPZhlaIh2qI8MJoc-Krg__&Key-Pair-Id=KUT5TJCACFTXG","The Housing and Community Loan Committee voted to approve a modified refinancing arrangement for the Wagner Creek Apartments project that asks the developer to fund a $275,000 replacement reserve and apply remaining refinance proceeds to reduce the city’s outstanding HOME loan balance.

The vote followed extended discussion about cash‑out proceeds, long‑term affordability and federal compliance. Committee members raised concerns that a large cash‑out could remove funds the city could reuse for other affordable housing projects. Committee members pushed for stronger assurances the city’s interests and the 11 city‑assisted units would remain protected.

Housing Development Coordinator Alberto Cacion summarized the request, saying the developer seeks “a cash out refinancing at this property to deliver cash to the developing member and investor member” and that the permanent loan being offered by Citibank via Freddie Mac would be substantially larger than the prior loan. He also told the committee the department reviewed the request and recommended subordinating the city’s HOME loan to the new senior loan while maintaining existing loan terms.

Grama Toye, senior vice president of the Housing Trust Group, described the refinancing as a standard part of the property’s financing cycle: “We’re just refinancing the property,” she said, and added that proceeds are typically reinvested into other affordable housing developments.

Committee members pressed for details. Several requested an appraisal and pro forma projections; staff and the developer said underwriting relied on debt coverage ratios and that customary lender documentation would be provided. Committee members expressed concern that the developer would “cash out” large proceeds and not return funds to the city. In response, the developer said proceeds typically go back into other projects, naming Rainbow Village and Courtside as examples of candidate uses.

After debate and multiple motions — including a proposal to require payoff of the city loan and an alternative to impose a one‑time fee and a higher interest rate — the committee ultimately approved a motion that kept the department’s recommendation in place but asked the developer to fund the $275,000 replacement reserve and to pay down the city loan by the balance remaining after that reserve contribution. The committee recorded the final approval by voice/hand count; members reported the outcome as seven in favor and two opposed.

The committee also discussed federal compliance risks tied to HOME funds and the possibility that HUD actions could affect availability of federal dollars; staff warned that some federal obligations are subject to change and that keeping funds deployed in active projects reduces administrative complications.

The developer said the permanent loan had not yet closed and that timing pressures (they were scheduled to close within weeks) complicated the committee’s deliberations. Committee members asked staff to return with clearer documentation if further action was required.

The committee’s approval conditions require staff to document the reserve funding and the net payoff arrangement in closing documents and to ensure ongoing affordability commitments remain enforceable.

The discussion began when the Wagner Creek item was introduced and concluded when members voted to approve the conditioned subordination. The committee’s action does not remove the city’s loan but reduces its outstanding balance per the approved condition.","Miami committee approved a modified subordination for Wagner Creek that requires the developer to fund a $275,000 replacement reserve and use remaining refinance proceeds to pay down the city's HOME loan, leaving a reduced city balance.","actionData","errors"]

Article not found

Committee backs $4.21 million GOB allocation for Grand Bahamas Place homeownership project in Coconut Grove

Committee approves contract benchmark extensions for Platform 3750 (Frank E. Shannon Center)

Committee consents to Tuscan View refinancing after neighborhood correction to Overtown

Housing Trust Group refinancing approved after committee seeks partial paydown and reserves funding