64-Story Mixed-Use Development in Miami Receives $43 Million in Financing via Walker & Dunlop
The project, 1 Southside Park, is being developed by Michael Stern's JDS Development Group
BETHESDA, Md., Jan. 26, 2021 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it structured $43,000,000 in acquisition and construction financing for JDS Development Group's 1 Southside Park, a rare, full city-block development in Miami, Florida's highly desired Brickell neighborhood. Designed by celebrated firm SHoP Architects, the project, which features protected views to the South, will rise 64 stories and deliver 1,175 residential rental units. Once complete, the assemblage will also include 190,000 square feet of premier office space, a 200-key boutique hotel, 10,000 square feet of retail space, and 1,400 parking spaces.
Located near the Miami-Dade Metrorail's Brickell station, 1 Southside Park is central to one of Miami's most anticipated projects, The Underline, which was completed in the fall of 2020. The Underline transformed the land below the elevated Metrorail into a ten-mile, linear neighborhood park with an urban trail and living art destination that stretches from Brickell to Dadeland. 1 Southside Park is designed to supplement this community-focused park with over 90,000 square-feet of wellness-focused offerings, including a state-of-the-art fitness center and spa. To fully integrate with the connected public park and The Underline, the project will also coordinate landscaping design by James Corner Field Operations.
The financing was arranged by Walker & Dunlop's Aaron Appel, Keith Kurland, Jonathan Schwartz, and Adam Schwartz, as well Michael Diaz, Michael Ianno, Sean Bastian, and Ian Hawk, who identified Atalaya Capital as the ideal capital source. The team arranged a fixed rate, interest-only loan on behalf of its client, JDS Development Group.
"1 Southside Park's thoughtful, dynamic design serves as an exemplar for how we can design and develop in dense urban centers, with the community fabric in mind," said Michael Stern, Founder and CEO of JDS Development Group. "The guidance and expertise of Walker & Dunlop were instrumental in obtaining this financing milestone for the project. We look forward to breaking ground in the near future."
Said Mr. Appel, "We are pleased to have arranged another strong financing package for JDS, one of the best development firms in the nation. 1 Southside Park will be transformative to the Brickell neighborhood, providing a new center for community and wellness, which is designed to attract both residents and tourists."
Walker & Dunlop has one of the strongest networks in the industry, with over 250 capital sources. The firm completed $5.9 billion in brokered loan originations from January through September 2020, a 21.6 percent increase over the same period in 2019. For information about Walker & Dunlop's view on the apartment market, including expert perspectives on markets, leadership, and the road ahead, visit our new Driven by Insight information center.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine's Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop's 950+ professionals in 41 offices across the nation have an unyielding commitment to client satisfaction.
About JDS Development Group
JDS Development Group is a team of innovators and builders pioneering progressive new forms of large-scale urban development that challenge the status quo of the real estate industry. Founded in 2002 and headquartered in New York, JDS is a national firm focused on acquisition, development, and construction, recognized for its architecturally significant mixed-use projects that respond to each community and push the boundaries of engineering and design. JDS projects include 111 West 57th Street, American Copper Buildings, 9 DeKalb, Walker Tower, Monad Terrace and other award-winning collaborations with the world's top architects and designers.
SOURCE Walker & Dunlop, Inc.
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