Shoma Group Lands $84M Refi for Miami-Area Project
- Dec 18, 2020
Three months away from completing its latest Miami area project, Shoma Group has secured an $84 million loan for its mixed-use community Sanctuary at Doral. Walker & Dunlop brokered the loan to Walker & Dunlop Commercial Property Funding, the company’s CMBS lending platform, which originated the financing and sold a piece to Pensam. The floating-rate loan has a three-year term with an option to extend and will refinance existing construction financing.
Shoma Group will use the loan to support the ongoing construction and the lease-up of Sanctuary at Doral, which is in the final stages of construction. A Pensam executive told Multi-Housing News that construction began around February 2019 and is expected to complete by the end of February 2021.
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Sanctuary at Doral will provide 226 units split between two six-story buildings. The community has one-, two- and three-bed units that range in size from 730 to 1,409 square feet and were built with smart key entry and digital thermostats. Residents also get access to a fitness center, pool, outdoor grill area, courtyard, children’s park, dog park, clubroom, business center and lounge areas. Sanctuary at Doral also includes 27,000 square feet of retail space, with13,500 of that dedicated to the community’s food hall Shoma Food Bazaar, according to a Pensam executive.
Located at 9400 NW 41st St. in Doral, Fla., the community is a 15-minute drive away from Miami International Airport and a roughly 20-minute drive to downtown Miami.
In February, the lender provided $56 million in financing for a newly built 309-unit senior housing community in Venice, Fla., allowing the joint venture borrower to retire a previous $44.8 million construction loan. Outside of Florida, Pensam also provided a $52 million refinancing package for the lease-up of a 230-unit community in Beaverton, Ore.