Walker & Dunlop Inc. has reportedly revealed its decision to finance the construction of the Sky Building project in the City of Oakland Park with a USD 51 million investment. The mid-rise establishment will include 136 workforce units in its premises and will be connected via skybridge to the Oakland Park City Hall.
The team working on the project consists of Capital Markets group’s Jeremy Pino, Carl Passmore, Livingston Hessam, and Kyle Miller, alongside experts from FHA Financing, Keith Melton and David Strange. They arranged an innovative funding solution using debt and equity funds and discussions with senior construction lenders.
NRI investment is a veteran real estate developer located in Miami and is a sponsor in the present deal. It has signed a development agreement, purchase and sale agreement and lease agreement with the City of Oakland Park for the 2.07- acre site.
Principal of NRI investments, Nir Shoshani, has expressed that the partnership with Walker & Dunlop will help in the development of a civic, commercial and residential center for the community and enable more affordable housing in the area of South Florida.
Senior Director of the Capital Markets group at Walker & Dunlop, Jeremy Pino, commented that, the collaboration with NRI investment and the City of Oakland Park was integral to address the feasibility of the project and further aid in the long-term growth of the local community.
The building will be constructed in a designated Opportunity Zone census tract. These zones allow long term investments in certain low income areas by providing incentives in the form of deferred or lower capital gain taxes.
Walker & Dunlop has been working towards achieving its five-year goal to finance affordable housing with investments of over USD 60 billion by the end of 2025. The company is well on its way to achieve this target, having raised USD 20.4 billion in the last two years through capital market sources.