Walker & Dunlop Provides $67M HUD Construction Loan for Shoma Village Apartments Near Miami
HIALEAH, FLA. — Walker & Dunlop has provided a $67 million HUD construction loan for Shoma Village Apartments, a 304-unit multifamily community that will be located in Hialeah. The borrower was locally based developer Shoma Group.
Shoma Village Apartments will include 11,625 square feet of retail space fronting Hialeah Drive, about 15 miles northwest of downtown Miami. The property will consist of two eight-story residential buildings offering studio, one-, two-and three-bedroom units.
Amenities will include a resident clubhouse, pool, fitness center with yoga and spin studios, resident coffee bar, dog park and a private courtyard with grilling stations. The clubhouse spans 7,300 square feet and features a concierge package room, communal kitchen, pool table and terrace area.
Keith Melton, David Strange, Livingston Hessam and Jeremy Pino of Walker & Dunlop secured the loan through HUD’s 221(d)(4) program, which includes both construction and permanent financing for a project in a single loan.
The financing was structured with a fixed interest rate for the two-year construction period and the 40-year amortization schedule. The financing also features a declining prepayment schedule for the initial 10 years post-construction.
“The residential urbanization in cities like Hialeah is something we are seeing throughout Florida, and is very similar to two HUD 221(d)(4) loans we recently provided,” says Pino. “These infill projects provide the communities Class A apartments next to walkable restaurants, shopping and other amenities that are vital for these cities to thrive.”
The Walker & Dunlop team also notes that Hialeah, one of the largest Spanish-speaking communities in the country, is attracting more investment and development capital due its relatively low cost of land and proximity to nearby employment hubs, including Miami International Airport.
— Taylor Williams