Walker & Dunlop, Inc. announced today that it structured $84,000,000 in financing for Sanctuary Doral, a newly constructed, 226-unit, Class A, mid-rise apartment building in Doral, Florida with nearly 27,000 square feet of ground floor retail space.
Jeremy Pino and Livingston Hessam led Walker & Dunlop in structuring the financing on behalf of Shoma Group, a strong, repeat client with extensive experience in developing multifamily properties throughout Florida. Pino and Hessam worked alongside Geoff Smith and Kimberly Schmitz of Walker & Dunlop Commercial Property Funding, the company’s specialty finance first mortgage and mezzanine lending platform. Bringing a solutions-oriented approach to every deal, the team specializes in addressing the most complex commercial real estate transactions.
Together, Walker & Dunlop’s team provided interest-only bridge financing with a three-year term. The debt served as a construction loan takeout prior to lease-up of the development, which is currently approximately 30 percent occupied.
“We’re very pleased to obtain financing for Sanctuary Doral with Walker & Dunlop. This is the second deal we have completed together this year and is a true endorsement of the strength and market appeal of our offering,” commented Masoud Shojaee, President and Chairman of the board of Shoma Group. “Each team worked together to make this happen. We look forward to continuing our forward momentum on this development and collaborating on other projects in the future.”
Sanctuary Doral, located in one of Miami’s most desirable submarkets, offers a mix of one-, two-, and three-bedroom apartments within two, six-story mid-rise buildings. The luxury rental community is situated on eight acres and features ample outdoor space, resort-style amenities, and the unique Shoma Bazaar food hall.
“This transaction highlights WDCPF’s ability to deliver competitively priced capital in the midst of the development’s final phase of lease-up,” Mr. Smith commented. “We believe in Shoma Group’s track record and vision for the area. Once lease-up is complete, Shoma also benefits from the position and strength of the larger Walker & Dunlop platform, which can provide permanent financing through our agency, CMBS, and life company relationships.”
WDCPF deftly navigates the capital markets to provide a full spectrum of funding solutions, including low leverage, high leverage, cash flow, no-cash flow, ground leases, environmental contamination, structural deficiencies, liquidity challenged sponsorship, and short-term closings. The platform is led by former investment bankers with an average of 25 years of experience.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine’s Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop’s 950+ professionals in 41 offices across the nation have an unyielding commitment to client satisfaction.
About Shoma Group
Established in 1988, Shoma Group is an award-winning real estate development company specializing in residential and commercial projects. Over the past 31 years, Shoma has developed more than 10,000 homes and condominiums and more than one million square feet of retail and office space with $5 billion in completed real estate transactions. Completed projects include the prestigious City Place Doral, The Flats, Park Square, One Park Square at Doral, Doral View, and The Manor. Shoma has 10 current projects including Shoma Village, Shoma Retail, Shoma One, Sanctuary Doral, Shoma Bazaar, Shoma Bay, Ten30 South Beach and three other projects in progress. Led by President and Chairman of the Board, Masoud Shojaee, Shoma Group has built a reputation as one of South Florida’s most trusted developers. Founded on the simple principle that properties should enrich the lives and communities of the people within them, Shoma has mastered the art and craft of home and commercial building. For more information visit www.shomagroup.com.