Over US$ 61M construction and financing loan has been secured for UNI Tower Project in Miami, Florida. The loan is structured by Walker & Dunlop Inc, a provider of financing services to owners of commercial real estate.
The developers, NR Investments were assisted by financing experts, David Strange and Keith Melton of the FHA (Federal Housing Administration). The transaction is processed through a new HUD 221(d)(4) construction program for multifamily housing.
The project is being carried out at an opportunity zone on 70 Northeast 17th Street, in Miami-Dade County. Zyscovich Architects designed the UNI Tower, while First Florida Building Corporation is the project’s contractor.
Features of the UNI Tower
The UNI Tower is 29-storeys tall. It comprises a mix of apartment units ranging from studios to one-bedroom units. Their sizes range from 391 square feet to 674 square feet each. In total, the UNI Tower will provide a total of 252 affordable units within Miami’s Arts & Entertainment District. The latter is one of the most expensive housing markets in the U.S.
Along with the affordable housing units, the UNI Tower shall offer office spaces with sizes up to 10,000 square feet. A 4,500 square-foot ground-floor retail component will also be included. Furthermore, this development will link the Wynwood Arts District and Design District to Miami’s downtown region.
Jeremy Pino, from the Capital Markets group at Walker & Dunlop commented on the project. He said, “This is an example of how the federal government, local municipalities and private developers can work together to provide a solution to the housing crisis.”
Pino further explained that the company was happy with the successful financial transaction. This, he said, would help the developers create “this highly sought-after rent-restricted workforce housing in Miami”.