The Real Deal Miami

Lennar scores $56M construction loan for Doral apartments

The Miami-based homebuilder plans to build 369 apartments on the 11-acre site
By Keith Larsen | January 03, 2019 05:30PM

Lennar Executive Chairman Stuart Miller (Credit: Builder Online and iStock)

Lennar just scored a $55.6 million construction loan from SunTrust to build an apartment complex in Doral.

The Miami-based homebuilder plans to build 369 apartments on the 11-acre site at 10500 Northwest 78 Street, property records show.

It bought the property in 2017 for $21.7 million, property records show.

Lennar became the largest homebuilder in the country after it acquired CalAtlantic last year in a deal worth about $9 billion. The company has been active in buying land across South Florida as developable land becomes more scarce, but demand for entry level homes remains high.

The company is already building a 440-unit apartment complex nearby in Doral at 8560 Northwest 102nd Avenue. Lennar is also building condominiums and townhouses at Urbana at Downtown Doral.

Doral has piqued developers interest in recent years with Related Group’s $800 million CityPlace project and Codina Partners’ massive mixed-use Downtown Doral.