Clearline Real Estate, led by Jenny Bernell, has secured an $89 million construction loan to develop a 310-unit apartment building in Miami’s Wynwood neighborhood. The project, named 2000 Wynwood, will rise 12 stories on a 1.4-acre site spanning addresses at 2000 and 2010 North Miami Avenue and 2021 and 2025 Northwest Miami Court.
According to public records, Bank OZK is providing the senior loan of $65.3 million for the development. A source indicated that PGIM Real Estate is supplying an additional $24 million through a mezzanine loan.
The building was designed by Leo Daly Architects and will feature market-rate apartments along with approximately 12,500 square feet of retail space. Clearline acquired the development site in 2022 for $19.1 million.
Jenny Bernell established Clearline Real Estate in 2021 after serving about seven years as executive vice president of development at Kushner Companies in New York. The firm is based in both Miami and New York.
Bernell’s other developments in Miami include Excel Miami Apartments, a 24-story project with 427 units currently under construction in the Arts & Entertainment District. In November last year, Clearline obtained a $94.5 million construction loan for this project located at 1550 Northeast Miami Place.
Wynwood has seen increased interest from multifamily developers recently. Earlier this year, Oak Row Equities, L&L Holding Company, Shorenstein, and Claure Group completed Wynwood Plaza—a mixed-use complex featuring a 12-story building with over 500 apartments.
Developers are also making use of Florida’s Live Local Act to build larger projects than current zoning typically allows if they include workforce or affordable housing units. Some proposed developments under this law would exceed Wynwood’s standard maximum height limit of twelve stories; for example, LivWrk from Brooklyn has proposed three towers rising up to forty-five stories with more than thirteen hundred units at North Miami Avenue and Northwest 24th Street. Additionally, former Los Angeles Dodgers player Alex Guerrero plans to build a forty-one-story tower with two hundred thirty-four units north of Wynwood in the Wynwood Norte area.
