UPDATED, July 12, 9:13 a.m.: TSG, Lineare Group and Bridge Investment Group scored a nearly $38 million construction loan for a multifamily project in an Opportunity Zone south of Wynwood.
Bank OZK is the lender for Wynwood Haus, a 224-unit building under construction at 1765 North Miami Avenue, according to the development group and property records. The developers broke ground on Wynwood Haus more than two weeks ago.
The project is one of a number of multifamily buildings in the works in South Florida, as developers and lenders remain bullish on the sector’s strength.
The 20-story Wynwood Haus building will have studios, one- and two-bedroom apartments, ranging from 394 square feet to 945 square feet. Units will have floor-to-ceiling windows, balconies, in-unit washers and dryers, and 10-foot ceilings, according to a release.
A rendering of Wynwood Haus
Luis Flores, managing partner of Saul Ewing Arnstein & Lehr LLP in Miami, represented the developers in arranging the financing.
Bridge Investment Group joined the project earlier this year. TSG and Lineaire bought the development site in 2019 for $5.9 million.
The building, with ground-floor commercial space, is expected to be completed in the first quarter of 2023.
The Opportunity Zone development has also received $14 million in incentives from the Omni Community Redevelopment Agency in Miami to make a portion of the apartments workforce housing.
Last month, Rilea Group closed on the multifamily development site at 56 Northeast 29th Street in Wynwood for $22 million.
Nearby in Wynwood, developers investing in the artsy neighborhood include Property Markets Group, which is partnering with Greybrook Realty Partners to build the Society Wynwood apartment project. Related Group is also active in Wynwood, most recently planning a pair of 12-story buildings that will have apartments, retail and offices.
An earlier version of this story incorrectly stated where the project is located.