March 10, 2020
Walker & Dunlop has structured a $50.2 million construction loan for Mirrorton Apartments, a 305-unit multifamily development in Lakeland.
The garden-style apartment project is subject to tax incentives awarded by the City of Lakeland due to its workforce housing component. The property is also located within a designated opportunity zone census tract.
Keith Melton, David Strange, Livingston Hessam and Jeremy Pino of Walker & Dunlop secured the financing on behalf of the developer, Framework Group. The Walker & Dunlop team structured the debt through the United States Department of Housing and Urban Development’s 221(d)(4) offering, and leveraged the agency’s Green mortgage insurance premium (MIP) reduction program to secure a favorable interest rate.
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Tags: Financing, Opportunity Zones
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