CLIENT NEWS: Lennar scores $45M construction loan for Wynwood apartment project

March 30, 2020

A subsidiary of Lennar scored a $44.8 million construction loan for an apartment project on the former site of Wynwood Yard.

The Miami-based company secured the loan from Santander Bank to construct the 11-story, 189-unit apartment building with nearly 17,000-square-feet of commercial space and 324 parking spots, records show. The project will be known as Wynwood Green.

Lennar purchased the 1.26-acre property in January 2019 for $17 million. The property is at 48, 56, 64, 70, 82, 90 and 98 Northwest 29th Street, as well as 63 Northwest 28th Street, in Miami’s Wynwood neighborhood, property records show.

David Lombardi, principal of Lombardi Properties and one of Wynwood’s pioneering land owners, sold the site to Lennar. It was most recently home to Wynwood Yard, an outdoor venue that featured an array of food and beverage concepts and a performance stage. It was also home to O Cinema, a nonprofit independent movie theater that operated out of a converted warehouse.

Lennar is one of the largest homebuilders in the country and is known for its “Everything’s Included” design of efficient but reasonably priced homes.

– Keith Larsen

Published March 27, 2020 in TheRealDeal.com

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