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Cutler Meadows Glen Apartments

11100 SW 196th Street
Miami, FL
Deal Type: 
Acquisition/Rehab
Year Built: 
1981
Acquisition Date: 
2008
Last Renovation: 
2009
Number of Units: 
225
Tenancy: 
Senior/Family

Located in an attractive residential neighborhood with great access to highways, local services and schools, Cutler Glen and Meadows’ affordability is a valuable resource for the city of Miami.

Maintaining and securing both its affordability and its functionality for years to come has proved to be a valuable asset for the surrounding community.  Acquired as part of a portfolio of properties purchased from a sister non-profit that undergone hard times, this property has the appeal and marketability to have fallen prey to a market-rate buyer.

With an existing mortgage locked out from prepayment, POAH was able to approach the bond holder directly and negotiate a payoff penalty that satisfied the bond holder’s needs, but also enabled new mortgage proceeds to be available to this property, and notably, to another property within the same portfolio.

The renovations at the property included many common area upgrades, new roofs, and some unit improvements. 

Videos

Watch: Cutler Meadows & Glen in Miami, FL

Project Partners

  • Prudential Mortgage Capital Company (PMCC)
  • Local Initiatives Support Corporation (LISC)
  • Florida Housing Finance Corporation (FHFC)
  • Miami-Dade County, Office of Economic and Community Development (OECD)
  • US Department of Housing and Community Development (HUD)

Awards and Accolades

Named one of "The 13 Most Creative Deals of 2009" by Apartment Finance Today magazine