Bethesda, Maryland – February 18, 2016
Walker & Dunlop, Inc.(NYSE: WD) announced today it closed a $69,919,000 construction loan for Canvas Condos in Miami, Florida. The groundbreaking ceremony for the property is scheduled for February 23, 2016.
Jeremy Pino, vice president, along with Al Rex, senior vice president, and Livingston Hessam, vice president, led the Walker & Dunlop team. Mr. Pino stated, “Canvas Condos embodies NR Investments (NRI) vision for the Arts & Entertainment District as a true neighborhood, a community nestled between downtown and Wynwood. By designing Canvas with smaller floorplans, NRI is able to bring to the market 513 luxury units at an overall price that is still affordable for the average buyer.” This is the eighth deal Walker & Dunlop has closed with NRI.
Chief Operating Officer of NRI, Terry Wellons, commented, “Walker & Dunlop was able to creatively structure and procure a construction loan for our first condo project in Miami.” Rapid growth is anticipated in the next three to five years in the surrounding area, making this an attractive location for development and redevelopment opportunities.
Canvas Condos is a new 37-floor, luxury condo building, featuring one- and two-bedroom apartments and 10,000 square feet of commercial space. Five floor plans will be offered ranging in size from a studio to a two-bedroom, two-bath. Units will range from 620 to 1,110 square feet and as a result, offer a variety of price points. Property amenities include a sunrise pool overlooking downtown Miami and Port of Miami, eco-friendly gardens, fully-equipped business center, social room, racquetball court, exercise facility, security, and covered parking. World-class restaurants, shopping, and area attractions are within a 15 minute drive from the property.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 600 professionals in 28 offices across the nation with an unyielding commitment to client satisfaction.