The developer of a 171-unit apartment building in Melbourne got a $30.5 million loan on the property through the U.S. Department of Housing and Urban Development (HUD).
Walker & Dunlop Inc. arranged the fixed-rate, 40-year loan on behalf of the developer through HUD’s Section 221 (d)(4) mortgage insurance program.
The developer, Zimmerman Development, held a groundbreaking ceremony in July for construction of the Highline apartment building in downtown Melbourne. Zimmerman expects construction of the eight-story apartment building to conclude in March 2020.
The Highline project is part of “a trend we are seeing throughout Florida, in which cities are encouraging the development of multifamily [housing] in the downtown urban cores,” said Jeremy Pino of Bethesda, Maryland-based Walker & Dunlop, in a prepared statement.
Pino and Livingston Hessam from Walker & Dunlop’s capital markets group led the HUD loan deal on behalf of Zimmerman Development.
The Highline apartment building will have shared amenities including a swimming pool, gated dog park and fire pit, plus a clubroom, catering kitchen, sports bar, game room, gym and yoga studio. – Mike Seemuth