Walker & Dunlop, Inc. announced that it structured $67,000,000 in financing for Zona Village, a Class-A multifamily property located in Davie, Florida, a high growth submarket within the Ft. Lauderdale MSA. Recently completed in 2021, the midrise building is comprised of 201 multifamily units and 16,500 square feet of ground floor retail space.
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Walker & Dunlop’s Tom Melody, Eric McGlynn, Jonathan Paine, and Wes Wallace leveraged their wide range of capital sources, ultimately identifying a national life insurance company as the lender and securing the proceeds to refinance Zona Village. The team delivered a 10-year, non-recourse loan with a fixed interest rate for their client, Ceiba Groupe, to replace the existing construction financing.
“Walker & Dunlop’s team did an excellent job of canvassing the capital markets as a whole, ultimately securing a financing solution that met each of Ceiba Groupe’s key objectives and goals,” said Adam Bedzow, Managing Principal of Ceiba Groupe. “With its mixed-use, structured parking, enclosed corridors, resort-style pool deck, and all the amenities just an elevator ride away, Zona Village represents a new way of living in the Town of Davie.”
Mr. Melody added, “This transaction exemplified the capital markets’ strong appetite for Class-A multifamily. We worked closely with the owner and lender to craft creative sizing covenants to support Zona Village’s ongoing and rapid rent appreciation. Together, we were able to achieve Ceiba Groupe’s target proceeds and provide a long-term, permanent financing solution for the asset.”
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Of 71,000 multifamily properties surveyed across the United States, Zona Village ranked in the top 40 on the Online Reputation Assessment (ORA) Score Power Rankings, which is an aggregate composition of property ratings across various review sites. Zona Village’s ideal location in Davie places the property less than eight miles from downtown Fort Lauderdale, 22 miles from Downtown Miami, and near primary regional arteries including Interstate 595 and the Florida Turnpike. The community also provides residents with an impressive amenity package, including an expansive resort-style pool, conference room and working stations, comprehensive fitness facilities, an on-site pet spa, bike storage, on-site retail, and a spacious resident lounge.
Walker & Dunlop was the top provider of capital to the U.S. multifamily market in 2020, and in 2021 the firm originated $49 billion in debt financing volume, including lending over $42 billion for multifamily properties. With one of the strongest networks in the industry, the firm’s 2021 brokered loan originations totaled $30 billion, a 170% increase over 2020. To learn more about our Capital Markets capabilities and financing options
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