Veranda Holdings scores loan for townhomes near Homestead

Project calls for 37 townhouses in seven buildings

TRD 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
Matt Rieger and a rendering of Paradise Lake Apartments

Developer scores financing for West Kendall affordable housing project

D.R. Horton CEO David Auld with a photo of a D.R. Horton multifamily home and rendering of the Arden planned community 

D.R. Horton to build homes in western Palm Beach County

Wynwood 25 and Wynwood Annex with Jon Paul Perez and Jonathon Yormak (Credit: East End Capital/Related Group)

Related, East End score $136M refi of Wynwood projects

Arnaud Karsenti, Michael Adler and the Link at Douglas

Douglas Station project scores $99M loan for second tower

Brent Baker and a Pulte single-family home

PulteGroup nabs 20 acres in Lauderdale Lakes for new home community

Centerline Capital Advisors President Craig Perry and 17101 Southwest 200th Street (Credit: Google Maps)

Centerline snags 90-acre dev site in south Miami-Dade

Homestead school and Achikam Yogev

Aspira sells third South Florida charter school

These real estate power players are involved in 2019’s juiciest lawsuits (Credit: Getty Images)

Here are South Florida’s juiciest lawsuits of 2019

arrow_forward_ios
Loading...