Miami Housing Commercial Loan Committee Meeting - March 25, 2026

On March 25, 2026, the City of Miami Housing Commercial Loan Committee convened to discuss and vote on a series of loan assumption, subordination, and extension requests for affordable housing projects. The meeting covered seven agenda items, with three deferred and four considered under old business. Key actions included approving the transfer of three affordable housing properties from Gatehouse Group to Starwood Capital Group, approving a subordination request for the Casa Valentina project, and granting extensions and financing updates for Dulce Vida, View 29, and Gallery at Loomis Park.

Consent Calendar

• Minutes Approval: The committee approved the minutes from the January 28, 2026 meeting by unanimous consent.

Discussion Items

• Deferrals: Items 2 (JMR 1890 River Place), 3 (Edison Towers Two), and 7 (Residents at the Carver Theater) were deferred to the next meeting to allow for further review and full presentation.
• Gatehouse Portfolio Sale (Items 4, 5, and 6): The committee considered three interconnected requests to consent to the sale and assumption of city loans from Gatehouse Group to affiliates of Starwood Capital Group for Lafayette Square, Lafayette Plaza, and Emerald Terrace. Starwood representatives (Ryan Meyer and Sharzati Mami) stated they are one of the largest affordable housing owners in the country. Roger Yorkshot from the Gatehouse Group noted that existing first mortgages (e.g., a $2.675 million CBRE loan for Lafayette Square) would be paid off and replaced with larger new loans ($22,312,500 for Lafayette Square, $20,250,000 for Lafayette Plaza, and $18,450,000 for Emerald Terrace, all through CBRE Freddie Mac). Committee members Kevin Deeb and Nancy Gagino questioned the subordination risk and the new loan amounts, but city attorney Raymond Pereda clarified that affordable housing covenants would remain in place through 2035 regardless of foreclosure.
• Casa Valentina Subordination (Old Business Item 1): The committee reviewed a request from Dragonfly Investments (represented by Amanda DeSetta) to subordinate a $2 million ARPA loan and a $450,000 Miami Forever program loan to a new $1,814,646 U.S. Century Bank loan for the Casa Valentina project (3121 and 3173 Monday Street). The project will deliver four three-bedroom, two-bath units on each lot (eight total) at 80% blended AMI, with a 30-year affordability covenant. DeSetta explained that construction permits were being pulled, and the project had received historic approval for a Coral Rock house on site. Committee members discussed unit configuration and the need for deeper affordability.
• Dulce Vida Extension (Old Business Item 2): The committee approved a request from Dulce Vida Apartments LLC to extend construction completion from 12 to 24 months and project completion from 30 to 36 months. The 8-story mixed-use development (122 units, with 91 at 60% AMI and 79 at 100-120% AMI) received Miami Forever bond allocations in 2023 and 2024.
• View 29 Financing Update (Old Business Item 3): The committee approved an updated budget and senior financing for the View 29 project (2901 Northwest 2nd Avenue, 12 stories, 116 units, 36 city-assisted at 33-60% AMI). Oliver Gross of New Urban Development LLC cited construction cost inflation, higher interest rates, and tariff impacts. No additional city funds were requested.
• Gallery at Loomis Park Financing Update (Old Business Item 4): The committee approved an updated senior financing structure for Gallery at Loomis Park (395 Northwest First Street, 28 stories, 257 units, 80 city-assisted at 80-120% AMI). Tony Galpoza of Related Urban confirmed the project includes a RAD contract requiring a county wait list for lower-affordability units. Committee member Annie Lord expressed a desire for deeper affordability (below 80% AMI) in future city investments, while Ben Fernandez noted that state live local laws incentivize workforce housing, suggesting the city should adjust its focus.

Key Outcomes

• Item 4 (Lafayette Square): Approved unanimously to consent to sale, assumption of $949,938 HOME loan and $1,050,062 CDBG loan, and subordination to new first mortgage. All terms remain the same.
• Item 5 (Lafayette Plaza): Approved unanimously to consent to sale and assumption of a $1,166,570 Affordable Housing Trust Fund loan with current terms.
• Item 6 (Emerald Terrace): Approved unanimously to consent to sale and assumption of $725,000 HOME loan and $338,580 Affordable Housing Trust Fund loan with current terms.
• Casa Valentina Subordination: Approved unanimously to subordinate $2 million ARPA and $450,000 Miami Forever loans to $1,814,646 U.S. Century Bank loan.
• Dulce Vida Extension: Approved unanimously to extend construction to 24 months and project completion to 36 months.
• View 29 Financing: Approved unanimously to accept updated budget and senior financing.
• Gallery at Loomis Park Financing: Approved unanimously to accept updated financing structure.
• Next Meeting: The April 2026 meeting is rescheduled to May 6, 2026, with the regular May 27 meeting also planned. Five HOME funding proposals will be reviewed.