MELBOURNE, FL – Walker & Dunlop announced that it structured $30,589,100 in financing through the United States Department of Housing and Urban Development (HUD) for The Highline apartments, a 171-unit, mixed-use, multifamily complex located in Melbourne, Florida. The transaction was promoted by several local businesses who advocated for the development of The Highline to support young professionals and millennials seeking to relocate to the area.

The City of Melbourne is located within Florida’s “Space Coast,” which has been newly dubbed America’s “High Tech Titan.” The area plays host to key aerospace and tech companies such as Northrop Grumman, Space X, Blue Origin, Harris, Lockheed Martin, and GE as well as the Florida Institute of Technology. These major employers have added over 8,000 jobs in 6.5 years1, causing a large influx of young, well-paid employees and increasing demand for modern and urban apartments. As the downtown district revitalizes, The Highline directly addresses this demand, marking the city’s first Class A, market-rate high-rise multifamily building in the historic district, making it a unique offering in the market. 

Jeremy Pino and Livingston Hessam, from Walker & Dunlop’s Capital Markets group, led the transaction in partnership with the company’s HUD experts, Keith Melton and David Weird. The team worked with several parties to overcome a rising interest rate environment and the increasing cost of construction on behalf of the sponsors, Richard Samuel Zimmermann, Jr. and Sam Zimmerman (“Zimmerman Development”). Their innovative solution for funding the development of the market rate apartment complex included a fixed rate, 40-year loan utilizing HUD’s Section 221(d)(4) mortgage insurance program.

Mr. Zimmerman stated, “This was a complex transaction involving the partnership of the City of Melbourne and HUD. Our success was a direct result of the expertise and professionalism of Walker & Dunlop, and Jeremy Pino in particular.”

“We were thrilled to partner with our HUD experts to make this purpose-built transaction possible and to provide a unique development that will attract and enhance the City of Melbourne’s young professional market,” commented Mr. Pino. He added that, “The Highline is following a trend that we are seeing throughout Florida, in which cities are encouraging the development of multifamily in the downtown urban cores. The partnership between Zimmerman Development and the City of Melbourne to build the 8-tale midrise will be transformational for downtown Melbourneand Brevard County.”

The Highline will feature 171 units with a luxury amenity package, including a pool, sundeck, gated dog walk area, and a fire pit. A clubroom, catering kitchen, sports bar, game room, and fitness center with a yoga studio represent additional amenities housed within a clubhouse.

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SALT LAKE CITY, UT – Maxx Properties announced that it has completed the acquisition of Cobble Creek Apartments, a 361-unit apartment community located in Salt Lake City.

Cobble Creek was developed in 1974 and is located in the desirable Holladay submarket of Salt Lake City, providing residents immediate access to the region’s diverse employment nodes and retail locations. The community offers a resort-style setting with flowing streams and attractive views of the Wasatch Mountains.

Maxx plans to complete a comprehensive modernization program including improvements to the clubhouse, all common areas, and full unit renovations. Cobble Creek offers a mix of one and two bedroom units ranging in size from 720 to 990 square feet. The property sits on 18 acres and offers landscaped grounds with stream and water features throughout.

The gated community amenities include a large swimming pool with sundeck and spa; numerous barbeque grill and picnic areas; 24-hour fitness center offering cardio and strength training equipment and a stand- alone clubhouse featuring a billiards table and common area Wi-Fi. The community also provides residents with an array of outdoor recreation opportunities including basketball, tennis, and sand volleyball courts, as well as an on-site dog park and dry sauna.

Commenting on the announcement, Ed Lange, CEO of Maxx said, “We are excited to expand our holdings and operations in the Salt Lake region. Salt Lake’s growth in employment and households has fostered one of the strongest economies in the United States. Cobble Creek is an attractive community in a vibrant submarket. We believe our operating strength combined with the strong market fundamentals will generate new and lasting value for our investors.”

In connection with the acquisition, Maxx entered into a long-term, fixed rate mortgage loan with Fannie Mae. KeyBank served as the originator and placement agent for the transaction.

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