OAKLAND PARK, FL – Walker & Dunlop announced that it arranged $51 million in construction financing for Sky Building located three miles north of Ft. Lauderdale’s central business district and within an Opportunity Zone. The exceptional mid-rise development is mixed-use in nature and will house 136 affordable and workforce units, connected by skybridge to the City of Oakland Park s new City Hall, alongside roughly 15,000 SF of ground floor retail.
Walker & Dunlop’s team included Jeremy Pino, Livingston Hessam, Carl Passmore, and Kyle Miller of Capital Markets group and FHA Financing experts David Weird and Keith Melton. Together they arranged a creative financing execution above 80% loan to cost (LTC), non-recourse through the capital stack, by leveraging relationships with senior construction lenders as well as debt and equity funds.
“It’s been a fantastic privilege to partner with Walker & Dunlop to design a transformative project that we hope will become a new civic, residential, and commercial center for the community,” said Nir Shoshani, principal of NRI Investments. “This project addresses much-needed affordable and workforce housing within South Florida and will be a staple in the community for years to come.”
NRI Investments, a well-established South Florida and veteran Miami real estate developer, is the sponsor. NRI has a signed development agreement, lease agreement, and buy & sale agreement for this 2.07- acre site with the City of Oakland Park.
The property is within a designated Economic Opportunity Zone census tract. Opportunity zones encourage long-term investments in designated low-income areas by offering incentives in the form of lower or deferred capital gains taxes.
“We were able to arrange the ideal financing solution by taking advantage of the opportunity zone benefits, which requires the developer to hold the asset for a minimum of ten years,” said Jeremy Pino, senior director of Capital Markets at Walker & Dunlop. “Our team was proud to partner with NRI and the City of Oakland Park to address the project’s feasibility. It was also vital to align interests through investing in the long-term growth of the local community and ensuring that the loan met Opportunity Zone requirements.”

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SAN ANTONIO, TX – Development partners and City officials gathered at the site of the future Los Arcos at VIDA to celebrate the groundbreaking of a new affordable housing development on San Antonio s south side. Los Arcos, which translates to the arches in Spanish, is the first project to break ground that utilizes funds from the 2022–2027 City of San Antonio (COSA) Housing Bond Program.
“Los Arcos at Vida is the first of many projects to break ground with support from the City s first Affordable Housing Bond,” said Veronica Garcia, Deputy Director of Neighborhood and Housing Services. “This funding ensures that even in challenging construction times impactful projects like Los Arcos are able to provide affordability for households most impacted by the housing crisis.
In the May 7, 2022 election, San Antonio voters approved the City s first-ever affordable housing bond that allocated funding for affordable housing opportunities through the production and preservation of affordable housing, targeting the most vulnerable households identified in alignment with the Council-approved Strategic Housing Implementation Plot.
“Every individual is deserving of a place to call home without having to choose between rent and other necessities,” said Mayor Ron Nirenberg. “Increasing the supply of affordable units on the market expands the opportunities available to our residents.
Los Arcos will be reserved for working families and individuals earning 30 to 70 percent of the area’s median income, ensuring high-quality living options at affordable rates. Located in the 600-acre VIDA San Antonio master development, just steps from Texas A&M University-San Antonio, the 324-unit affordable housing community will feature a resort style pool, community garden, fitness center, children s playgrounds, business center, children s activity room and clubhouse lounge. Residents will delight in direct access to the new Madla Greenway trail system, as well as a vibrant retail center, student housing and a new University Health hospital campus.
“Los Arcos is not only making rental units for families who call District 4 home, but it is also making access for students at Texas A&M University who need affordable options as they pursue a secondary education,” said District 4 Councilwoman Dr. Adriana Rocha Garcia.
The project is financed by four percent housing tax credits allocated by the Texas Department of Housing and Community Affairs ($36M); private activity bonds issued by Opportunity Home San Antonio ($38M); COSA 2022 Bond award funds ($2M); COSA HOME federal funds ($2.25M); COSA Neighborhood Stabilization Program (NSP) federal funds (nearly $1M); and grant funds from the Bexar County Economic & Community Development American Rescue Plot Act ($2.5M).
The development of this community is a right collaborative effort with involvement of nine organizations, as well as several city, state and federal entities, said Nick Walsh, Vice President of Development at The NRP Group. The strong commitment from the San Antonio community–and dynamic collaboration with various partners and funding sources–is the reason projects like Los Arcos at VIDA come to fruition.
Additional project partners include the San Antonio Housing Trust, SouthStar Communities, Huntington Community Development Corporation, KeyBank, MassMutual/Barings, NRP Contractors, Alta Architects, MBC Engineers and Artis.
The San Antonio Housing Trust is honored to serve as a partner and co-developer on Los Arcos, said Pete Alanis, Executive Director of the San Antonio Housing Trust. Together, we are continuing the growth of the VIDA community by providing stable and dignified housing options that will support families, seniors, persons with disabilities, veterans and more.
Elected officials involved in coordination of the project include: COSA District 4 Council Member, Adriana Rocha Garcia, Ph.D; Bexar County Precinct 1 Commissioner Rebeca Clay-Flores; US House District 23 Congressman Tony Gonzales; Texas House District 118 Representative John Lujan; and Texas Senate District 19 Senator Roland Gutierrez.
The first Los Arcos at VIDA units will be ready for leasing by April 2024, and the entire development is slated for completion by the end of 2024.

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ASHVILLE, NC – Clarion Partners Real Estate Income Fund has strategically added to its property holdings with the acquisition of Retreat at Weaverville, a 176-unit multifamily community located in Asheville, N.C.
Located within two hours of Charlotte, N.C. and four hours of Atlanta, Asheville is a thriving mountain city that offers residents and tourists access to extensive outdoor activities via the Blue Ridge Mountains and surrounding national forests. Asheville continues to expand its employment base in hospitality, healthcare, manufacturing and science and technology, driving higher than national-level population growth. Retreat at Weaverville is located within one mile of Interstate 26, providing direct access to the Asheville Regional Airport and numerous retail and lifestyle amenities in downtown Asheville and the River Arts District.
With its strong market fundamentals, multifamily remains well-positioned to weather today s challenging economic conditions, said Managing Director and Clarion Partners Real Estate Income Fund Portfolio Manager Rick Schaupp. This particular property was an brilliant opportunity to buy a newly constructed and stabilized community in a growing submarket with compelling resident demographics. We believe Retreat will be a strong addition to the fund s holdings as Asheville continues to attract more and more young professionals looking for the best of both city life and the fantastic outdoors.
Completed in 2021, Retreat sits on a 16.85-acre site and is comprised of seven three- and four-tale, wood-framed residential buildings with ample open-surface parking spaces and 28 detached garages. Current community amenities include a clubhouse, coffee bar, dog wash station and off-leash dog park, fitness center, yoga and spin room, office workspaces and a swimming pool. The newly selected property manager will complete numerous amenity upgrades over the next year, including pool furniture upgrades, clubhouse enhancements, the installation of property access gates, the addition of a parcel locker and elevated landscaping.

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