The Florida city of Melbourne and Zimmerman Development secured a $30.6m loan for the construction of a mixed-use scheme. To go up on a plot that used to house the Old Melbourne High School, The Highline will feature 171 apartment units along with 6,500 sq ft of commercial space on the ground floor. The eight-story project is slated for completion in early 2020. Walker & Dunlop originated the fixed-rate, 40-year loan through HUD’s mortgage insurance program. Winter Park Construction was selected as the general contractor, while Caribeno Architectural Group designed the project.
“The Highline is following a trend that we are seeing throughout Florida, in which cities are encouraging the development of multifamily in the downtown urban cores,” said Jeremy Pino, vice president of Walker & Dunlop. “The partnership between Zimmerman Development and the City of Melbourne to build the eight-story mid-rise will be transformational for downtown Melbourne and Brevard County.”
