Developer lands 40-year, $30.5M loan on Melbourne apartment project via HUD

Zimmerman Development got the fixed-rate financing for its 171-unit Highline apartment development in downtown Melbourne

Miami /
Aug.August 19, 2018 12:15 PM

Rendering of Highline apartment building in downtown Melbourne

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


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...