Rendering of Sky Building in Florida

Walker & Dunlop Arranges $51 Million for Florida Affordable Housing, Opportunity Zone Project

by Lynn Peisner

OAKLAND PARK, FLA. — Walker & Dunlop has arranged $51 million in construction financing for Sky Building in Oakland Park, located midway between Pompano Beach and Fort Lauderdale.  Miami-based NRI Investments is developing the project and has signed a development agreement, lease agreement and purchase and sale agreement for the site with the City of Oakland Park.

Sky Building’s 2-acre site is located in an Opportunity Zone. The mid-rise development will deliver 136 affordable and workforce units, connected by a sky bridge to the City of Oakland Park’s new city hall, alongside roughly 15,000 square feet of ground floor retail. Neither rent restrictions nor a construction timeline were disclosed. The opportunity zone requirements call for the developer to hold the asset for a minimum of 10 years, according to Jeremy Pino, senior director of capital markets at Walker & Dunlop.

You may also like