The Housing Finance Authority of Miami-Dade County, Fla., is offering $88 million in multifamily housing revenue bonds, with proceeds going toward the Rainbow Village project, a multifamily rental housing development in Miami which will serve low- and middle-income residents.
The bonds will be issued in two tranches: $68 million in a Fannie Mae MBS Secured Series 2025A tranche, and a second Series 2025B tranche of $19 million, according to an offering document on MuniOS.
Rainbow Village will consist of one seven-storey building on a 3.66-acre site. The facility will include 310 residential units, with community space including a pool, fitness center, play areas, and 450 residential parking spaces.
The Series A bonds will be backed by assets including an MBS issued by Fannie Mae, with the MBS delivery date initially defined as Feb. 25, 2025. They are rated Aaa by Moody's. The Series B bonds will be secured by revenues and funds in the Series B revenue fund account and other accounts and subaccounts. Both tranches of bonds are exempt from federal and Florida state taxes.
KeyBanc Capital Merchants is listed as the offering's lead manager.
Write to Stephen Nakrosis at [email protected]