Shoma Group Closes $84 Million In Financing For 226-Unit Multifamily Property In Doral

Updated January 11, 2021

Walker & Dunlop, Inc. structured $84,000,000 in financing for Sanctuary Doral, a newly constructed, 226-unit, Class A, mid-rise apartment building in Doral, with nearly 27,000 square feet of ground floor retail space.

Jeremy Pino and Livingston Hessam led Walker & Dunlop in structuring the financing on behalf of Shoma Group, a strong, repeat client with extensive experience in developing multifamily properties throughout Florida. Pino and Hessam worked alongside Geoff Smith and Kimberly Schmitz of Walker & Dunlop Commercial Property Funding, the company’s specialty finance first mortgage and mezzanine lending platform. Bringing a solutions-oriented approach to every deal, the team specializes in addressing the most complex commercial real estate transactions.

Together, Walker & Dunlop’s team provided interest-only bridge financing with a three-year term. The debt served as a construction loan takeout prior to lease-up of the development, which is currently approximately 30 percent occupied.

“We’re very pleased to obtain financing for Sanctuary Doral with Walker & Dunlop. This is the second deal we have completed together this year and is a true endorsement of the strength and market appeal of our offering,” commented Masoud Shojaee, President and Chairman of the board of Shoma Group. “Each team worked together to make this happen. We look forward to continuing our forward momentum on this development and collaborating on other projects in the future.”

Sanctuary Doral offers a mix of one-, two-, and three-bedroom apartments within two, six-story mid-rise buildings. The luxury rental community is situated 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 deliver competitively priced capital in the midst of the development’s final phase of lease-up,” Mr. Smith commented. “We believe in Shoma Group’s track record and vision for the area. Once lease-up is complete, Shoma also benefits from the position and strength of the larger Walker & Dunlop platform, which can provide permanent financing through our agency, CMBS, and life company relationships.”

Pensam also participated in the $84 million loan.

“This unique, institutional-quality, mixed-use asset is located in the heart of Doral, one of Miami’s fastest growing areas,” said Ray Cleeman, Principal and Head of Capital Markets at Pensam. “We are excited to participate in this financing for a locally based, highly experienced sponsor. This transaction is another example of Pensam’s successful lending program, which provides financing to replace construction loans and allows sponsors the flexibility to complete their projects and lease up their communities without the time pressures and constraints associated with a typical construction loan.”

 

————————-

Get the latest industry news and information from CRE-sources delivered right to your email inbox!
And we promise…no more than one email each morning.

CLICK HERE TO SUBSCRIBE TODAY!