Lennar lands $61.7M loan to build Lauderdale rentals

Miami /
Nov.November 19, 2016 10:20 AM

Lennar Corp. got a $61.7 million loan from Wells Fargo Bank to finance construction of 386 apartments in downtown Fort Lauderdale’s Flagler Village neighborhood.

The Miami-based home builder expects to break ground soon for the apartment development at 120 Northeast 4 Street in Flagler Village, just north of the central business district of Fort Lauderdale.

Lennar got city approval to build two apartment buildings 14 stories and 25 stories tall, plus a seven-level parking garage with 543 spaces and a garden deck on top.

Units at the development, called One20Fourth, will include 200 two-bedroom apartments, 184 one-bedrooms and two studios, ranging in size from 600 square feet to 1,440 square feet.

Lennar paid $12.5 million in 2015 for the development site, which measures 2.2 acres.

The single-family home builder has raised a $2.2 billion investment fund to buy and build apartments. The fund has backing from six institutional investors, including foreign pension funds, sovereign wealth funds and insurance companies. Lennar itself has made a $504 million commitment to the fund. [South Florida Business Journal] — Mike Seemuth


Related Articles

arrow_forward_ios
Jonathan Fish and a rendering of the project

Fort Lauderdale mixed-use project eyes March groundbreaking

Fort Lauderdale mixed-use project eyes March groundbreaking
Michael and Andrea Kallberg & 400 Royal Plaza Drive, Fort Lauderdale (Credit: Google Maps)

Disaster response firm owners sell Las Olas Isles mansion at a slight loss

Disaster response firm owners sell Las Olas Isles mansion at a slight loss
From left: Lisa Ferrazza, Joe Cerri, Frank Longo, Bob Kramer, and Daniel Abou-Jaoude

Movers & Shakers: Lennar names new co-CEO & more

Movers & Shakers: Lennar names new co-CEO & more
Publix CEO Todd Jones and a rendering of the project

Publix in Fort Lauderdale Beach moves forward

Publix in Fort Lauderdale Beach moves forward
Alex Sapir and Bella Sapir (Credit: Mark Von Holden/WireImage via Getty Images, and ADRIEL REBOH/Patrick McMullan via Getty Images)

Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside

Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside
601-607 Northeast 29th Drive and 999 Northeast 23rd Drive (Google Maps)

Investors pay $13M for multifamily portfolio in Fort Lauderdale, Wilton Manors

Investors pay $13M for multifamily portfolio in Fort Lauderdale, Wilton Manors
Mike Napoli and 2501 Delmar Place (Getty, Coldwell Banker)

He’s out: Baseball’s Mike Napoli sells waterfront Fort Lauderdale mansion for $7M

He’s out: Baseball’s Mike Napoli sells waterfront Fort Lauderdale mansion for $7M
Stuart Miller of Lennar & a map of Arden community

Lennar pays $14M for land at Arden

Lennar pays $14M for land at Arden
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...