Clearline Real Estate, led by Jenny Bernell, has secured an $89 million construction loan for a new apartment project in Miami’s Wynwood neighborhood. The 12-story development, 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, according to records and a source familiar with the transaction. Construction will take place on a 1.4-acre site located at 2000 and 2010 North Miami Avenue and 2021 and 2025 Northwest Miami Court.
Designed by Leo Daly Architects, the project is part of Clearline’s growing portfolio in Miami. The company acquired the site for $19.1 million in 2022.
Bernell launched Clearline in 2021 after serving as executive vice president of development at Kushner Companies for about seven years. The firm operates out of both Miami and New York.
Clearline is also building Excel Miami Apartments, a separate project in the city’s Arts & Entertainment District that will rise to 24 stories with 427 units. Last November, the company obtained a $94.5 million construction loan for that venture at 1550 Northeast Miami Place.
Wynwood has attracted significant interest from multifamily developers recently. Oak Row Equities, L&L Holding Company, Shorenstein, and Claure Group completed Wynwood Plaza this year—a mixed-use complex featuring a 12-story apartment building with over 500 units.
Developers are also making use of Florida’s Live Local Act, which permits larger buildings if some apartments are set aside at workforce or affordable rents. As a result, several proposed projects in Wynwood aim to exceed the neighborhood’s current maximum height limit of 12 stories. For example, LivWrk is planning three towers reaching up to 45 stories with more than 1,300 units at North Miami Avenue and Northwest 24th Street; former Los Angeles Dodgers player Alex Guerrero intends to build a separate tower rising to 41 stories in nearby Wynwood Norte.
“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.”
“Wynwood has become a magnet for multifamily developers in recent years. This year, Oak Row Equities, L&L Holding Company, Shorenstein and Claure Group completed the mixed-use Wynwood Plaza, including a 12-story, 509-unit apartment building.”
“Developers also have seized on the Live Local Act, which allows for bigger buildings than permitted by a site’s zoning as long as developers include apartments at workforce and affordable rents.”
“Many of the proposed Live Local projects in Wynwood would surpass the 12-story maximum height allowed in the neighborhood. Brooklyn-based LivWrk wants to build a 1,363-unit Live Local Act apartment project with three 45-story towers on the northwest corner of North Miami Avenue and Northwest 24th Street. Also, former Los Angeles Dodgers player Alex Guerrero plans a 41-story, 234-unit Live Local tower in the Wynwood Norte neighborhood that’s north of Wynwood.”
