Lennar Corp. got a $61.7 million loan from Wells Fargo Bank to finance construction of 386 apartments in downtown Fort Lauderdale’s Flagler Village neighborhood.
The Miami-based home builder expects to break ground soon for the apartment development at 120 Northeast 4 Street in Flagler Village, just north of the central business district of Fort Lauderdale.
Lennar got city approval to build two apartment buildings 14 stories and 25 stories tall, plus a seven-level parking garage with 543 spaces and a garden deck on top.
Units at the development, called One20Fourth, will include 200 two-bedroom apartments, 184 one-bedrooms and two studios, ranging in size from 600 square feet to 1,440 square feet.
Lennar paid $12.5 million in 2015 for the development site, which measures 2.2 acres.
The single-family home builder has raised a $2.2 billion investment fund to buy and build apartments. The fund has backing from six institutional investors, including foreign pension funds, sovereign wealth funds and insurance companies. Lennar itself has made a $504 million commitment to the fund. [South Florida Business Journal] — Mike Seemuth