Shoma Group Closes $84 Million in Financing for 226-Unit Multifamily Property in Doral, Florida with Walker & Dunlop
BETHESDA, Md., 23 December 2020 / PRNewswire / – Walker & Dunlop, Inc. announced today that it is structured $ 84,000,000 to finance Sanctuary Doral, a newly constructed, medium-sized residential building with 226 Class A residential units in Doral, Florida with almost 27,000 square meters of retail space on the ground floor.
Jeremy Pino and Livingston Hessam led Walker & Dunlop in structuring the financing on behalf of Shoma Group, a strong regular client with extensive experience in apartment building development Florida. Pino and Hessam worked side by side Geoff Smith and Kimberly Schmitz of Walker & Dunlop Commercial Property Funding, the company’s premier mortgage and mezzanine loan platform for specialty finance. The team offers a solution-oriented approach to any business and specializes in the most complex commercial real estate transactions.
Together, the Walker & Dunlop team provided interest-free bridge financing with a term of three years. The debts served as a building loan before renting the development, which is currently around 30 percent occupied.
“We are very pleased to have funded Sanctuary Doral with Walker & Dunlop. This is the second deal we have jointly closed this year. This is a real confirmation of the strength and attractiveness of our offering,” said Masoud Shojaee, President and Chairman of the Board of Directors of the Shoma Group. “Every team worked together to make this happen. We look forward to continuing our forward momentum on this development and working together on other projects in the future.”
Sanctuary Doral, located in one of Miami’s The most desirable submarkets offer a mix of one, two, and three bedroom apartments in two six-story, medium-sized buildings. The luxury rental community sits on 8 acres and offers plenty of outdoor space, resort-style amenities and the unique Shoma Bazaar Food Hall.
“This transaction underscores WDCPF’s ability to raise capital at competitive prices in the final stage of the rental of the development,” commented Smith. “We believe in the Shoma Group’s track record and vision for the region. Upon completion of the lease, Shoma will also benefit from the position and strength of the larger Walker & Dunlop platform which can provide ongoing funding through our agency, CMBS and Life corporate relationships. “
The story goes on
WDCPF cleverly navigates the capital markets to provide a full spectrum of financing solutions including low leverage, high leverage, cash flow, no cash flow, land leases, pollution, structural flaws, sponsorships with liquidity issues, and short term closings. The platform is run by former investment bankers with an average of 25 years experience.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) headquartered in Bethesda, Marylandis one of the largest commercial real estate finance companies in The United States. The company offers a full range of capital solutions for all asset classes of commercial real estate, as well as brokerage services for investment sales to apartment building owners. Walker & Dunlop is included in the S&P SmallCap 600 Index and was ranked one of the Fastest Growing Companies by FORTUNE Magazine in 2014, 2017 and 2018. Walker & Dunlop’s 950+ employees in 41 offices across the country are relentlessly committed to customer satisfaction.
About the Shoma Group
Founded 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 co-developed more than 10,000 homes and condos and more than 1 million square feet of retail and office space $ 5 billion for completed real estate transactions. Completed projects include the renowned City Place Doral, The Flats, Park Square, A parking lot at Doral, Doral Viewand the mansion. 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. Under the leadership of Masoud Shojaee, President and Chairman of the Board of Directors, Shoma Group has built a reputation for being one of them South Florida the most trusted developers. Based on the simple principle that real estate should enrich the lives and communities of the people in it, Shoma has mastered the art and craft of residential and commercial construction. Further information is available at www.shomagroup.com.
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SOURCE Walker & Dunlop, Inc.