Four Freedoms House Apartments

Miami Beach, Florida

Project Description

On December 20, 2019, Four Freedoms Renewal LLLP, (the “Partnership” or “Owner”) closed on the acquisition of Four Freedoms House Apartments (the “Property”). In conjunction with the acquisition, the Owner elected to complete a low‐income housing tax credit (“LIHTC”) redevelopment. The financing sources used to the complete the acquisition rehab includes 4% LIHTCs acquired by Aegon USA Realty Advisors, LLC, tax‐exempt bonds issued by the Housing Finance Authority of Miami-Dade County (“HFA”) and 4% LIHTCs allocated by Florida Housing Finance Corporation (“FHFC”), and a permanent mortgage loan from Arbor Commercial Funding I (“Arbor”). Overall, these funding sources will complete a recapitalization of the Property and allow for approximately $8.4MM of redevelopment hard costs.

Summary Rehab: Scope of Work

  • Replace roof and flashings/copings and roof drains
  • Exterior painting upgrades
  • New finishes in lobby, common areas, offices
  • Replace existing generator
  • Replace rooftop air handlers and cooling tower
  • Full modernization of both elevators
  • Repair and replace unit flooring, cabinets, appliances
  • New signage, awning, entryway doors/hardware
  • Upgrade security system and install electronic access system
  • Upgrade business center and community room
  • Provide rooftop terrace sun shade device
  • Provide wireless internet free of charge to residents