Walker & Dunlop Arranges $51M Financing for Oakland Park Affordable Housing

Walker & Dunlop, Inc. has arranged $51 million in construction financing for Sky Building, a mid-rise development that will house 136 affordable and workforce units and 15,000 square feet of ground-floor retail located in Oakland, FL.

Privately held real estate investment company and developer NRI Investments is the sponsor.

Jeremy Pino, Livingston Hessam, Carl Passmore, Kyle Miller, David Strange and Keith Melton of Walker & Dunlop executed the above 80% loan to cost, non-recourse through the capital stack by leveraging relationships with senior construction lenders as well as debt and equity funds.

“We were able to arrange the ideal financing solution by taking advantage of the opportunity zone benefits, which requires the developer to hold the asset for a minimum of 10 years,” said Pino. NRI Investments has a signed development agreement, lease agreement and purchase and sale agreement for the site with the City of Oakland Park.

The asset will be connected to the City of Oakland Park’s new City Hall and sits three miles north of Fort Lauderdale.

Walker & Dunlop is working to achieve its five-year goal of $60 billion in cumulative affordable and workforce housing finance by the end of 2025 and has originated $20.4 billion financing over the past two years through HUD, Fannie Mae, Freddie Mac, and capital markets sources.

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