$28,108,275 Construction Financing Secured for Multifamily Property in Miami, FL
May 1, 2026 Bank
Deal Summary
Wells Fargo provided approximately $28.1 million in construction financing recorded against a Miami-Dade County owned multifamily site at 800 NW 5th Avenue in Overtown, according to public records. The financing carries a maturity extending to 2065.
The roughly 40 year maturity and county land ownership are consistent with a leasehold affordable housing financing structure of the kind used in public housing redevelopment programs, where a private developer builds on publicly owned land under a long term ground lease.
Overtown has become one of the most active affordable and workforce housing development areas in Miami-Dade, with public land contributions doing much of the heavy lifting that land prices make impossible elsewhere in the urban core.
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Market Notes
Public private affordable deals run on a different clock and a different capital stack than market rate development, with ground leases, tax exempt structures, and subsidy layers that only a handful of lenders underwrite fluently. Developers entering the space should choose their lender for program experience first and pricing second, because a lender learning the structure on your deal is the most expensive spread of all.
Transaction Details
- Closing Date
- May 1, 2026
- Loan Amount
- $28,108,275
- Loan Type
- Bank
- Loan Purpose
- Construction
- Capital Type
- Senior Debt
- Asset Type
- Multifamily
- Source
- Public records
Property
- Property Name
- Overtown Affordable Housing Development (County-Owned Site)
- Address
- 800 NW 5th Ave
- City, State
- Miami, FL
- Market
- Miami / South Florida
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Transaction details are compiled from public announcements, press releases, industry reporting, or information submitted by parties to the transaction, and have not been independently verified by LoanList CRE. Terms shown may be approximate. Nothing on this page constitutes a quote, offer, or guarantee of financing terms. Full disclaimer.