HIALEAH, FL – Walker & Dunlop, Inc. announced that $ 67,211,400 has been structured to finance the construction of Shoma Village Apartments, a 304-unit mixed-use Class A property with 11,625 square feet of retail space. The area in Hialeah, Florida, just 15 miles northwest of Miami, is seeing a significant increase in real estate investment. Formerly known as an industrial hub, the city has attracted the interest of multi-family developers and investors due to the relatively low cost of land and excellent access to nearby employment offices.
Led by Keith Melton, David Strange, Livingston Hessam, and Jeremy Pino, Walker & Dunlop arranged the loan through the U.S. Department of Housing and Urban Development (HUD) 221 (d) (4) property development program, which includes both construction and Construction work includes permanent financing in a single loan. The team secured a two-year construction period, followed by a 40-year, fully amortizing, fixed-rate loan. The funding also provides a declining prepayment schedule for the first ten years after construction and can be prepaid at face value for the remaining 30 years.
Commented Mr. Pino, "Residential urbanization in cities like Hialeah is something we are seeing across Florida and which is very similar to two recently granted HUD 221 (d) (4) loans: the Highline Apartments in Downtown Melbourne and the Mirrorton Downtown Lakeland Apartments. These infill projects provide communities with Class A apartments alongside walk-in dining, shopping, and other amenities that are critical to the prosperity of these cities. "
"Shoma Village was approved by HUD just before the COVID-19 economic stalemate," Melton stated. "Despite limited access to local communities, remote working and the general uncertainty caused by the pandemic, we were delighted to have completed this transaction despite several unexpected disruptions. This is a credit to the strength of the project as well as the trust developers have with the HUD building program that we got this deal. "
Massoud Shojaee, President and Chairman of Real Estate Developer Shoma Group, commented: "The partnership with Walker & Dunlop has been a smooth and great experience. We are very excited about our project in Hialeah, which we believe will soon open City a new era and a new lifestyle. "
96.3 percent of residents of Hialeah, one of the largest Spanish-speaking communities in the country, said they spoke Spanish at home in 2016. The city also has the highest percentage of Cuban and Cuban-American residents of any city in the United States at 73.37 percent, making the Spanish language an important part of everyday life in the city1.
Shoma Village Apartments are designed with Hialeah in mind, offering smaller, smart units and upscale accommodations at affordable prices. Communal facilities include a 7,300 square foot clubhouse, pool, and large club room with social areas, large screen TVs, a game room, and a business center with private offices.
