Miami loan panel defers Zoey’s Landing financing, approves Riverplace and Jaeger Plaza updates

The City of Miami Housing and Community Loan Committee on Tuesday deferred action on a proposed allocation of up to $955,728 in HOME funds to Papel Family Management Company LLC for the 10‑unit Zoey’s Landing project in Wynwood Norte, while approving separate recommendations for the nine‑unit Riverplace project and accepting updates to the Jaeger Plaza financing plan.

Zoey’s Landing, proposed at 347 NW 30 First Street, would rehabilitate an existing duplex and add eight new units for a total of 10 units. According to the department’s underwriting summary, the project’s financing stack includes a $300,000 acquisition loan, $955,728 in City of Miami HOME funds (second position), a $600,918 loan from the owner in third position, about $341,828 in private equity and a deferred developer fee of $190,847. The loan to the city would be provided as a deferred‑interest loan over a 30‑year affordability period; the city’s stated loan cost per city‑assisted unit is $95,572.

Why it matters: the committee’s deliberations highlighted recurring questions about long deferred‑payment loans for very small affordable developments, transferability and borrower protections, and neighborhood design in Wynwood Norte — all of which the board said need clearer terms before final approval.

Developer Jeffrey Papel, who introduced himself as an owner and real‑estate attorney, told the committee he has experience in local affordable housing projects and said he planned to retain the front unit while building in the rear to preserve existing residents. “I’ve been a real estate attorney for over 35 years,” Papel said during his presentation. He…