DORAL, FL – Walker & Dunlop, Inc. announced that financing for Sanctuary Doral, a newly constructed, mid-size Class A apartment building of 226 units in Doral, Florida, with nearly 27,000 square feet of ground floor sales, $ 84,000,000 USD structured has space.
Jeremy Pino and Livingston Hessam led Walker & Dunlop in structuring the financing on behalf of Shoma Group, a strong regular client with extensive experience developing apartment buildings across Florida. Pino and Hessam worked with Geoff Smith and Kimberly Schmitz of Walker & Dunlop Commercial Property Funding, the company's first mortgage and mezzanine lending platform. The team offers a solution-oriented approach to any business and specializes in the most complex commercial real estate transactions.
Together, the Walker & Dunlop team provided interest-free bridge financing with a term of three years. The debts served as a building loan before renting the development, which is currently around 30 percent occupied.
"We are very pleased to have funded Sanctuary Doral with Walker & Dunlop. This is the second deal we have jointly concluded this year. This is a real confirmation of the strength and market appeal of our offering," said Masoud Shojaee, President and CEO of Shoma Group. "Every team worked together to make this happen. We look forward to continuing our forward momentum on this development and working together on other projects in the future."
Located in one of Miami's most desirable submarkets, the Sanctuary Doral offers a mix of one, two, and three bedroom apartments in two six-story, medium-sized buildings. The luxury rental community sits on 8 acres and offers plenty of outdoor space, resort-style amenities and the unique Shoma Bazaar Food Hall.
"This transaction underscores WDCPF's ability to raise capital at competitive prices in the final stage of the rental of the development," said Smith. "We believe in the Shoma Group's track record and vision for the region. Upon completion of the lease, Shoma will also benefit from the position and strength of the larger Walker & Dunlop platform which can provide ongoing funding through our agency, CMBS and Life corporate relationships. "
Source: Shoma Group
