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 said the city currently values the property at about $1.2 million and that the ownership entity holds several other properties free and clear.

Several committee members questioned the proposed loan structure, which carries no scheduled principal payments for 30 years. A member identified in the record as Alberto, who led questioning on underwriting, said: “30 years. I can’t get behind that.” Board members pressed staff and the developer on remedies in the event of default, resale or mismanagement; staff said the city would record a covenant and a rental regulatory agreement that “runs with the land” for 30 years and that the city could pursue foreclosure or other remedies if the regulatory agreement were breached.

Design and neighborhood fit also drew scrutiny. Multiple members urged the developer to revisit architecture and parking, noting Wynwood Norte’s intent to encourage “missing middle” infill while also meeting local design expectations. The committee voted to defer the request and asked the developer to return after further discussions with city staff on loan terms, possible principal amortization options, and design adjustments.

Riverplace: The committee approved allocating HOME funds to JMR 1890 LLC for the Riverplace project at 1890 NW 19th Street, a two‑story, nine‑unit walk‑up building that the department described as targeting very low‑ and low‑income households (approximately 30–60% AMI). The department recommended up to $1,137,418 (reported in the underwriting) in HOME funds; staff told the committee the city’s loan would be a deferred‑interest HOME loan over a 30‑year affordability period and that the city’s investment represented approximately 40% of total development cost and all nine units would be city‑assisted.

Developer Miguel Alvarez and contractor Julio Rodriguez answered questions from the committee about livable area, parking, and construction details. Committee members raised Buy America/Build America (BABA) and Davis‑Bacon compliance questions; staff said BABA applicability depends on which federal funding year is drawn and that Davis‑Bacon wage rules generally apply to projects of 12 units or more, so the nine‑unit Riverplace project is below the Davis‑Bacon threshold for HOME funds. A roll call followed; the committee recorded differing views in discussion but ultimately approved the staff recommendation. (The committee’s roll call was recorded in the meeting transcript and is summarized in a “Votes at a glance” section below.)

Jaeger Plaza: Under old business the committee accepted updates to the previously approved allocation of $3 million in Miami Forever (GOB) funds for the Jaeger Plaza project at 1199 NW 62nd Street. The developer (Integral Florida / Integral Group) had previously revised unit mix and budget after receiving state financing from the Florida Housing Finance Corporation, the presentation said. Staff told the committee the city’s $3 million allocation remains unchanged and represents roughly 5% of total development cost; 68 of 135 units will remain city‑assisted under the revised plan. The committee also consented to allowing part of the city’s prior allocation to pay eligible soft costs; the applicant requested the reallocation to reduce upfront carrying costs and overall interest on the project. The committee approved staff’s recommendation to accept the updated budget and soft‑cost allocation.

Votes at a glance

- Zoey’s Landing (Papel Family Management Company LLC): Requested HOME funds up to $955,728 for a 10‑unit Wynwood Norte project; outcome — deferred for further negotiation on loan terms and design. Motion: defer; outcome recorded as postponed.

- Riverplace (JMR 1890 LLC, 1890 NW 19th St.): Requested HOME funds (staff cited approximately $1,137,418) for a new, nine‑unit building targeting 30–60% AMI; outcome — approved by committee. Roll call recorded in the transcript (see provenance). The department described the loan as a 30‑year deferred‑interest HOME loan and the city investment as 40% of TDC with all units city‑assisted.

- Jaeger Plaza (Jaeger/Yaeger Plaza Partners LLC): Previously allocated $3,000,000 in Miami Forever bond funds; applicant requested acceptance of an updated budget, a minor unit‑mix correction and permission to use a portion of the prior allocation for eligible soft costs. Outcome — committee accepted the updates and approved staff’s recommendation.

What happens next: The developer for Zoey’s Landing was invited to meet with city staff and return with modified financing terms and design updates; staff will proceed to closing steps for Riverplace and Jaeger Plaza consistent with the committee’s approvals and recorded conditions.

Sources: Meeting transcript and staff underwriting summaries presented at the HCLC meeting. No final loan documents were signed at the meeting; the committee approved or deferred only the staff recommendations on allocations and budget updates.