NR Investments Lands $51M for Miami-Area Mixed-Use Development
The result of a public-private partnership, the project is slated for completion in 2024.
NR Investments has obtained $51 million for the construction of Sky Building, a mixed-use development in Oakland Park, Fla., that is slated to include 136 affordable and workforce units. A Walker & Dunlop team secured the non-recourse financing execution above 80 percent loan-to-cost.
Sky Building is the result of a public-private partnership between NR Investments and the City of Oakland. The developer broke ground on the project in December 2022 and completion is expected in 2024.
Oakland Park’s new City Hall
Designed by Zyscovich Architects, the development comprises two mid-rise buildings connected by a skybridge. The property will feature approximately 15,000 square feet of commercial space on the ground floor and 300 parking spaces. The City of Oakland Park will relocate the City Hall offices on the first and fifth floors of the south building.
The residential component will incorporate studio, one- and two-bedroom apartments. Upon completion, the community will have 119 units catering to residents earning 120 and 140 percent of the area median income; the remainder will serve as live/work spaces.
The Sky Building is taking shape at 3701 N. Dixie Highway within a designated Economic Opportunity Zone census tract. The development site is 3 miles north of Fort Lauderdale’s central business district.
Walker & Dunlop’s Jeremy Pino, Livingston Hessam and Carl Passmore, working together with Kyle Miller, David Strange and Keith Melton, arranged the financing. Recently, another Walker & Dunlop team arranged a $131 million construction loan for a 240-unit mixed-use development in the Queens borough of New York City.