Lennar scores $45M construction loan for Wynwood apartment project

Wynwood Green, an 11-story, 189-unit building, will have 17K sf of commercial space

TRD MIAMI /
Mar.March 27, 2020 02:30 PM
Stuart Miller, Wynwood Green

Stuart Miller, Wynwood Green

A subsidiary of Lennar scored a $44.8 million construction loan for an apartment project on the former site of Wynwood Yard.

The Miami-based company secured the loan from Santander Bank to construct the 11-story, 189-unit apartment building with nearly 17,000-square-feet of commercial space and 324 parking spots, records show. The project will be known as Wynwood Green.

Lennar purchased the 1.26-acre property in January 2019 for $17 million. The property is at 48, 56, 64, 70, 82, 90 and 98 Northwest 29th Street, as well as 63 Northwest 28th Street, in Miami’s Wynwood neighborhood, property records show.

David Lombardi, principal of Lombardi Properties and one of Wynwood’s pioneering land owners, sold the site to Lennar. It was most recently home to Wynwood Yard, an outdoor venue that featured an array of food and beverage concepts and a performance stage. It was also home to O Cinema, a nonprofit independent movie theater that operated out of a converted warehouse.

Lennar is one of the largest homebuilders in the country and is known for its “Everything’s Included” design of efficient but reasonably priced homes.


Related Articles

arrow_forward_ios
Domio Wynwood, Gustavo Miculitzki, and Jon Paul Pérez (Credit: Alberto Tamargo/Getty Images)

Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M

Related lists Domio Wynwood apartment-hotel for sale with whisper price of $90M
Stuart Miller of Lennar & a map of Arden community

Lennar pays $14M for land at Arden

Lennar pays $14M for land at Arden
Stuart Miller & Mike Nunziata, with a rendering of Avalon Trials (Credit: Lennar Homes)

Lennar spends $28M for lots on former golf course in Delray Beach

Lennar spends $28M for lots on former golf course in Delray Beach
From left: Benjamin Bernstein, Pan Shiyi, and Zhang Xin (Credit: Google Maps, Dickson Lee/South China Morning Post via Getty Images)

Lender closes on RedSky and JZ’s Wynwood assemblage

Lender closes on RedSky and JZ’s Wynwood assemblage
Wynwood Works rendering and Udonis Haslem (Credit: Bobby Metelus/Getty Images)

Magellan Housing and Miami Heat star Udonis Haslem to build Wynwood apartment project on city-owned land

Magellan Housing and Miami Heat star Udonis Haslem to build Wynwood apartment project on city-owned land
Peter Vauthy and Red South Beach (Getty)

The Weekly Dish: Red South Beach signs $5M lease for new space & more

The Weekly Dish: Red South Beach signs $5M lease for new space & more
Adam Henick, Stefano Santoro, and Brandon Charnas

Instagram ready: Current Real Estate Advisors expands to Miami

Instagram ready: Current Real Estate Advisors expands to Miami
Concrete Beach Brewery

Dogfish Head to take over Concrete Beach social hall in Wynwood

Dogfish Head to take over Concrete Beach social hall in Wynwood
arrow_forward_ios

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

Loading...