Jeremy Pino and Livingston Hessam led Walker & Dunlop in structuring the financing on behalf of Shoma Group, a strong and regular client with extensive experience in developing multi-family properties across Florida. Pino and Hessam worked alongside Geoff Smith and Kimberly Schmitz from Walker & Dunlop Commercial Property Funding, the firm’s first mortgage financing and mezzanine lending platform. Bringing a solution-focused approach to every transaction, the team specializes in the most complex commercial real estate transactions.
Together, the Walker & Dunlop team provided a three-year, interest-only bridge loan. The debt served as a construction loan prior to leasing the development, which is currently around 30% occupied.
“We are very pleased to secure financing for Sanctuary Doral with Walker & Dunlop. This is the second transaction we have completed together this year and it is a true endorsement of the strength and appeal of our offering. in the market,” commented Masoud Shojaee, Chairman and Chairman of the Board of Shoma Group. “Each team worked together to make this happen. We look forward to continuing our momentum towards this development and collaborating on other projects in the future.”
Doral Sanctuary, located in one of the Miami most desirable submarkets, offers a mix of one, two and three bedroom apartments in mid-rise buildings of two to six stories. The luxury rental community is located 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 provide competitively priced capital amid the late-lease stage of development,” commented Mr. Smith. “We believe in the Shoma Group’s track record and vision for the region. Once the lease is complete, Shoma also benefits from the position and strength of the larger Walker & Dunlop platform, which can provide permanent funding through our agency, CMBS and Life corporate relationships.”
WDCPF skillfully navigates the capital markets to provide a full range of financing solutions including low leverage, high leverage, cash flow, zero cash flow, land leases, environmental contamination , structural deficiencies, cash-strapped sponsorship and short-term closures. 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, Marylandis one of the largest commercial real estate finance companies in United States. The company offers a full suite of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multi-family properties. Walker & Dunlop is part of the S&P SmallCap 600 Index and has been ranked as one of FORTUNE The magazine’s fastest growing companies in 2014, 2017 and 2018. More than 950 Walker & Dunlop professionals in 41 offices across the country have an unwavering commitment to customer satisfaction.
About Shoma Group
Established in 1988, Shoma Group is an award-winning property development company specializing in residential and commercial projects. Over the past 31 years, Shoma has developed over 10,000 homes and condominiums and over one million square feet of retail and office space with $5 billion in real estate transactions. Completed projects include the prestigious City Place Doral, The Flats, park square, A parking space in Doral, Doral View, and The Manor. Shoma has 10 ongoing projects including Shoma Village, Shoma Retail, Shoma One, Sanctuary Doral, Shoma Bazaar, Shoma Bay, Ten30 South Beach and three other ongoing projects. Led by Chairman and Chairman of the Board, Masoud Shojaee, Shoma Group has built a reputation as one of from south florida most reliable developers. Founded on the simple principle that properties should enrich the lives and communities of the people within them, Shoma masters the art and craft of residential and commercial construction. For more information, visit www.shomagroup.com.
SOURCEWalker & Dunlop, Inc.