Walker & Dunlop Structures $61M for Miami’s First 100% Restricted Skyrise
Walker & Dunlop, Inc., has structured $61 million in financing for UNI Tower in Miami, FL. According to the company, the property will be Miami’s first 100% income- and rent-restricted residential skyrise.
Jeremy Pino, Livingston Hessam, Carl Passmore, Kyle Miller, David Strange and Keith Melton arranged the loan through the Department of Housing and Urban Development’s 221(d)(4) new construction program, which includes both construction and permanent financing in a single loan and mitigates interest rate risk for the developer, NR Investments.
UNI Tower, located in the heart of Miami’s urban core within the bounds of a designated Economic Opportunity Zone census tract, will deliver 252 affordable and workforce housing units to one of the country’s most costly housing markets.
Once complete, UNI Tower will feature 10,000 square feet of office space and 4,500 square feet of ground-floor retail within Miami’s Arts & Entertainment District, which connects the Wynwood Arts District and Design District to Downtown Miami.
