Clearline Real Estate, led by Jenny Bernell, has secured an $89 million construction loan for a new apartment development in Miami’s Wynwood neighborhood. The 12-story project, called 2000 Wynwood, will feature 310 market-rate apartments and 12,500 square feet of retail space.
The financing package includes a $65.3 million senior loan from Bank OZK and a $24 million mezzanine loan from PGIM Real Estate. Construction is set to begin on the 1.4-acre site at 2000 and 2010 North Miami Avenue and 2021 and 2025 Northwest Miami Court.
Designed by Leo Daly Architects, the project reflects growing interest in Wynwood among multifamily developers. Clearline acquired the site for $19.1 million in 2022.
Jenny Bernell launched Clearline in 2021 after nearly seven years with Kushner Companies as executive vice president of development. The firm is based in both Miami and New York.
Bernell’s other projects include Excel Miami Apartments, a planned 24-story building with 427 units under construction in the Arts & Entertainment District. In November, Clearline obtained a $94.5 million construction loan for that project at 1550 Northeast Miami Place.
Wynwood has seen increased activity from developers recently. Earlier this year, Oak Row Equities, L&L Holding Company, Shorenstein and Claure Group completed Wynwood Plaza—a mixed-use development featuring a 12-story apartment building with over five hundred units.
Developers are also taking advantage of Florida’s Live Local Act, which allows larger buildings if they provide workforce or affordable housing units as part of their plans (https://www.floridatrend.com/article/36955/live-local-act-fuels-multifamily-housing-development-in-florida). Several proposed projects using this law would exceed the area’s current height restrictions; for example, LivWrk is planning three towers up to forty-five stories tall on North Miami Avenue and Northwest 24th Street. Additionally, former baseball player Alex Guerrero intends to build a forty-one-story tower with more than two hundred units in nearby Wynwood Norte.
“Wynwood has become a magnet for multifamily developers in recent years.”
