64-Story Mixed-Use Development in Miami Receives $43 Million in Financing via Walker & Dunlop
Walker & Dunlop announced $43 million in acquisition and construction financing for JDS Development Group's 1 Southside Park in Miami's Brickell neighborhood. This 64-story project will feature 1,175 residential units, 190,000 square feet of office space, a boutique hotel, and retail space. The development complements the nearby The Underline park and aims to enhance community wellness with over 90,000 square feet of amenities. Walker & Dunlop secured the financing through its extensive capital network, contributing to the project's anticipated positive impact on the local economy.
- $43 million in financing secured for 1 Southside Park development.
- Project set to deliver 1,175 residential units and significant commercial space.
- Enhances local community wellness with over 90,000 square feet of amenities.
- Strong financing package arranged by a well-connected team.
- None.
BETHESDA, Md., Jan. 26, 2021 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it structured
Located near the Miami-Dade Metrorail's Brickell station, 1 Southside Park is central to one of Miami's most anticipated projects, The Underline, which was completed in the fall of 2020. The Underline transformed the land below the elevated Metrorail into a ten-mile, linear neighborhood park with an urban trail and living art destination that stretches from Brickell to Dadeland. 1 Southside Park is designed to supplement this community-focused park with over 90,000 square-feet of wellness-focused offerings, including a state-of-the-art fitness center and spa. To fully integrate with the connected public park and The Underline, the project will also coordinate landscaping design by James Corner Field Operations.
The financing was arranged by Walker & Dunlop's Aaron Appel, Keith Kurland, Jonathan Schwartz, and Adam Schwartz, as well Michael Diaz, Michael Ianno, Sean Bastian, and Ian Hawk, who identified Atalaya Capital as the ideal capital source. The team arranged a fixed rate, interest-only loan on behalf of its client, JDS Development Group.
"1 Southside Park's thoughtful, dynamic design serves as an exemplar for how we can design and develop in dense urban centers, with the community fabric in mind," said Michael Stern, Founder and CEO of JDS Development Group. "The guidance and expertise of Walker & Dunlop were instrumental in obtaining this financing milestone for the project. We look forward to breaking ground in the near future."
Said Mr. Appel, "We are pleased to have arranged another strong financing package for JDS, one of the best development firms in the nation. 1 Southside Park will be transformative to the Brickell neighborhood, providing a new center for community and wellness, which is designed to attract both residents and tourists."
Walker & Dunlop has one of the strongest networks in the industry, with over 250 capital sources. The firm completed
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine's Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop's 950+ professionals in 41 offices across the nation have an unyielding commitment to client satisfaction.
About JDS Development Group
JDS Development Group is a team of innovators and builders pioneering progressive new forms of large-scale urban development that challenge the status quo of the real estate industry. Founded in 2002 and headquartered in New York, JDS is a national firm focused on acquisition, development, and construction, recognized for its architecturally significant mixed-use projects that respond to each community and push the boundaries of engineering and design. JDS projects include 111 West 57th Street, American Copper Buildings, 9 DeKalb, Walker Tower, Monad Terrace and other award-winning collaborations with the world's top architects and designers.
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SOURCE Walker & Dunlop, Inc.
FAQ
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