Walker & Dunlop said it gas structured around $67.21 million in financing for the construction of Shoma Village Apartments, a Class A mixed-use property with 304 apartment units and 11,625 sq. ft. of retail.
Located in Hialeah, just 15 miles northwest of Miami, the local area is experiencing a significant uptick in real estate investment. Previously known as an industrial hub, the city has attracted interest from multifamily developers and investors thanks to the relatively low cost of land and excellent access to nearby employment centers.
Walker & Dunlop arranged the loan through the United States Department of Housing and Urban Development’s (HUD) 221(d)(4) new construction program, which includes both construction and permanent financing in a single loan. The team secured a two-year construction term followed by a 40-year, fully amortizing, fixed-rate loan.
Shoma Village Apartments will be designed with the spirit of Hialeah in mind, featuring smaller, ‘smart-efficient’ units and upscale accommodations at affordable prices. Community amenities will include a 7,300 sq.-ft. clubhouse, a pool, and a large club room with social areas, large screen televisions, a game room, and business center with private offices.