Walker & Dunlop provide $ 67 million HUD construction loan for apartments in Shoma village near Miami

HIALEAH, FLA. – Walker & Dunlop has provided a $ 67 million HUD construction loan for Shoma Village Apartments, a 304 unit multi-family community to be located in Hialeah. The borrower was local developer Shoma Group.

Shoma Village Apartments will include 11,625 square feet of retail space fronting on Hialeah Drive, approximately 15 miles northwest of downtown Miami. The property will consist of two eight-story residential buildings offering studios, one, two and three bedroom units.

Facilities will include a residents’ clubhouse, swimming pool, fitness center with yoga and spinning studios, resident cafe bar, dog park and private yard with grill stations. The clubhouse spans 7,300 square feet and features a concierge room, communal kitchen, pool table, and patio.

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 funding of a project in one ready.

The financing was structured with a fixed interest rate for the two-year construction period and the 40-year amortization schedule. The financing also includes a declining prepayment schedule for the first 10 years following construction.

“Residential urbanization in cities like Hialeah is something we’re seeing all over Florida and is very similar to the two HUD 221 (d) (4) loans we recently issued,” Pino explains. “These infill projects provide communities with Class A apartments next to restaurants, shops and other walkable amenities that are essential to the prosperity of these cities.”

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 to its relatively low cost of land and its proximity to the poles of the country. nearby jobs, including Miami International Airport.

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