Committee consents to Tuscan View refinancing after neighborhood correction to Overtown

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.