Lennar scores construction loan for Plantation apartments

The multifamily development will have up to 279 units

Miami /
Apr.April 02, 2019 05:30 PM

Stuart Miller and a rendering of a Lennar Apartment

An affiliate of Lennar Corp. scored a $41.3 million construction loan to build a new apartment complex in Plantation near the former American Express building.

The Miami-based homebuilder secured the loan from SunTrust Bank to build the apartments on a 194,372-square-foot parking lot on American Express Way. The development can have up to 279 units, according to property records.

Lennar bought the site in 2017 for $6.3 million, records show. Down the road, Coconut Grove-based TM Real Estate Group plans to develop a mixed-use project on the site of a 1970s office building that housed American Express. It will feature 598 residential units, in addition to retail space.

Lennar became the country’s largest homebuilder after acquiring CalAtlantic in a deal worth about $9 billion in February 2018.

The company has grown its multifamily division in recent years as millennials have shifted toward renting instead of buying homes. In Miami’s Wynwood neighborhood, Lennar is planning to build an 11-story, 189-unit apartment building as part of a development called Wynwood Green.

Lennar’s multifamily division generated $97 million in revenue in the first quarter of 2019. That was about 2.5 percent of the company’s total revenue in its most recent quarter.


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
1 South Pine Island Road (Newmark)
KPC Properties buys Plantation apartment complex for $46M
KPC Properties buys Plantation apartment complex for $46M
Merrimac Ventures co-CEOs Nitin Motwani and Dev Motwani. (Merrimac)
Motwanis’ Merrimac Ventures scores $72M construction loan for Plantation apartments
Motwanis’ Merrimac Ventures scores $72M construction loan for Plantation apartments
(MMG Equity Partners)
MMG Equity buys Plantation shopping center for $12M
MMG Equity buys Plantation shopping center for $12M
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
arrow_forward_ios

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

Loading...