Jenny Bernell’s Clearline Real Estate has secured an $89 million construction loan for a 310-unit apartment project in Miami’s Wynwood neighborhood. Construction is set to begin on the 12-story development, known as 2000 Wynwood, which will be located on a 1.4-acre site at 2000 and 2010 North Miami Avenue and at 2021 and 2025 Northwest Miami Court.
The financing includes a $65.3 million senior loan from Bank OZK, based in Little Rock, Arkansas, according to property records. PGIM Real Estate is providing a $24 million mezzanine loan, according to a source familiar with the deal.
Designed by Leo Daly Architects, the building will feature market-rate apartments and approximately 12,500 square feet of retail space. Clearline purchased the development site for $19.1 million in 2022.
Bernell launched Clearline Real Estate in 2021 after working for Kushner Companies in New York as executive vice president of development for about seven years. The firm operates out of both Miami and New York.
Clearline’s other projects in Miami include Excel Miami Apartments—a planned 24-story tower with 427 units under construction in the Arts & Entertainment District. In November last year, Clearline obtained a $94.5 million construction loan for that project at 1550 Northeast Miami Place.
Wynwood has attracted significant 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 project featuring a 12-story apartment building with over 500 units.
Developers have also responded to Florida’s Live Local Act, which allows taller buildings than current zoning permits if some apartments are designated as workforce or affordable housing. Several proposed projects using these incentives would exceed Wynwood’s current height restrictions; among them are LivWrk’s proposal for three towers reaching up to 45 stories with more than one thousand units at North Miami Avenue and Northwest 24th Street, and former Los Angeles Dodgers player Alex Guerrero’s plan for a separate tower rising to forty-one stories north of Wynwood.
“Bernell started Clearline, which is based in Miami and New York, in 2021 after working for New York-based Kushner Companies, including as EVP of development, for about seven years.”
“Her other Miami projects include the 24-story, 427-unit Excel Miami Apartments that are under construction in the Arts & Entertainment District.”
“In November, Clearline scored a $94.5 million construction loan for the project at 1550 Northeast Miami Place in Miami.”
