Veranda Holdings scores loan for townhomes near Homestead

Project calls for 37 townhouses in seven buildings

Miami /
Jan.January 31, 2019 04:30 PM

Carlos Fernandez-Guzman of Pacific National Bank (Credit: Chapman Partnership)

A Coral Gables-based company just scored a construction loan to build a townhouse development in south Miami-Dade County.

Pacific National Bank is providing $5.1 million loan for Veranda Holdings LLC. Veranda, a Delaware company led by Luis Machado, also filed a notice of commencement for 37 townhouses in seven buildings on the site at Southwest 240th Street and Southwest 110th Court, according to property records. Machado is president of Renegade Investments in Coral Gables. Gestido Construction is the contractor.

Miami-Dade County Public Schools owns the adjacent 10-acre vacant lot on 240th Street. Veranda Holdings acquired the townhouse site in 2015.

Homebuilders are increasingly buying land and planning new home communities in South Dade facing a dwindling supply of undeveloped land and rising land prices. The increasing cost of single-family homes near the urban core is also pushing potential homebuyers farther south to cities like Homestead.

Last year, Lennar Corp. paid $9.5 million for about 32 acres at 11406 Southwest 248th Street. In 2017, Lennar also spent $10.75 million for about 77 acres in Homestead, just west of the Turnpike along Mowry Drive and Southwest 152nd Avenue.


Related Articles

arrow_forward_ios
Jorge Perez and Jon Paul Perez with a rendering of Solemar (Related)
Related scores $91M construction loan for luxury condo tower in Pompano Beach
Related scores $91M construction loan for luxury condo tower in Pompano Beach
Opportunity Zone fund proposes Bitcoin mining project near Homestead speedway
Opportunity Zone fund proposes Bitcoin mining project near Homestead speedway
Opportunity Zone fund proposes Bitcoin mining project near Homestead speedway
Stuart Miller, Executive Chairman of Lennar (Getty, University of Miami)
Lennar picks up 27 acres in Homestead for $7M
Lennar picks up 27 acres in Homestead for $7M
Toll Brothers chairman and CEO Douglas C. Yearley, Jr. with Jupiter Country Club (Toll, Facebook via Jupiter Country Club)
Toll Brothers faces lawsuits over alleged construction defects at Jupiter Country Club
Toll Brothers faces lawsuits over alleged construction defects at Jupiter Country Club
Developers of Society Wynwood mixed-use project scores $142M construction loan
Developers of Society Wynwood mixed-use project score $142M construction loan
Developers of Society Wynwood mixed-use project score $142M construction loan
Todd Michael Glaser with renderings of the project (Aztec Group)
Developers of Little Havana mixed-use project score $27M construction loan
Developers of Little Havana mixed-use project score $27M construction loan
Aimco CEO Wes Powell and Laurent Morali, Charlie Kushner and Nicole Kushner Meyer of Kusher (LinkedIn via Powell, Kushner, Luarent Morali)
Aimco partners on Kushner’s $700M project, scores two big loans in South Florida
Aimco partners on Kushner’s $700M project, scores two big loans in South Florida
Lennar’s Stuart Miller and 28600 Southwest 132nd Avenue (Google Maps, Lennar)
Lennar sells former trailer park site in Homestead at a loss and buys Broward land
Lennar sells former trailer park site in Homestead at a loss and buys Broward land
arrow_forward_ios

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

Loading...